I saw analysts who analyse this pair (CADCHF) and they conclude that there is sell setup because of some meaningless reasons.
I anticipate there is one more wave to the upside to complete this corrective pattern and after that, there is a sell setup, but if you sell now and your stop loss is at 0.76130, there is a high probability that price hit your SL and then reverse to downside, to your favorite direction but this time without you...
I will be looking for sell setup if it makes a wave to upside as I anticipate, or if it breaks the channel (below 0.75134) and a correction.
I anticipate there is one more wave to the upside to complete this corrective pattern and after that, there is a sell setup, but if you sell now and your stop loss is at 0.76130, there is a high probability that price hit your SL and then reverse to downside, to your favorite direction but this time without you...
I will be looking for sell setup if it makes a wave to upside as I anticipate, or if it breaks the channel (below 0.75134) and a correction.
Note
still waiting for a wave to upside. Note
The (Y) wave formed as expected.Now there is a nice short trade. you can enter now or you can wait for a correction as a confirmation and then enter short, it depends on your personality and strategy.
Note
this structure completely possible for one more wave to upside, so if you are in the sell side, be ready for that and use an appropriate strategyNote
Note
still in the correction phase
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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.