CADCHF Long Swing Trade Idea
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!!
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!!
Trade active
Trade is up 10 pips, may hit stop loss but we will finish this week strongNote
That surge on Friday gave us a nice end to this week for CADCHF,We are up 80 pips right now. Put SL 20 pips in profit on market open and hold.
This will be a long one.
Enjoy the weekend!
Note
We have gotten 10 more pips today to make it to 90 pips!Keep holding, we are swinging this long term!!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.