Swing Trade Idea for CADCHF Long.
Chart pattern observed: Inverted Head and Shoulders. Saw it like in a second. Now the Left Shoulder and Head has been formed, now for the Right Shoulder to be formed. This is a slow moving pair but pays out well. This will take a very long time to play out. But patience pays. Price is pushing from demand on the weekly.
From the trendline, we see price has touched 5 times so we should expect a break soon but be prepared if it doesn't.
This is the weekly chart and resistance had seen 5 touches by price.
Normally, when trading any SHS pattern, you wait for the break of the neckline and retest then you enter the trade. But price is at a good spot to open a position and wait for months.
Apply proper risk management if you wish to take the trade. This trade will pay!
If you haven't tried a swing trade before, try it and test your patience. You are looking at a risk:reward of 1:8.
And once TP is hit, price should fall very quickly because this would be a big weekly supply zone. And how we know it is strong is because of how many times it has fallen from that level above!!