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Cadchfshort

CADCHF Sell opportunityIf you don't want to buy AUDCAD, consider selling CADCHF, since they mostly move relative to each other and selling pressure is significantly higher on this pair. Again we see a broken trendline, ascending this time, awaiting a possible retest. We also see the presence of the 61.8 Fibonacci level that could also present a temporary support, even though I believe that the price has already reacted to the level and will continue downwards. Overall sentiment is bearish. Good luck and follow me for more! (excuse the money triangle)
Short
by UnknownUnicorn4565572
CADCHF - Supply Zone SELL 4H This idea is based on my understanding of order flow. A significant drop allowed me to define a supply zone where open sell orders are left over (red zone). After the drop , the price has recovered in a compression zone (Green zone). The compression zone ensures that in this area, where the price is slowly rising, the buy orders are "eaten up" piece by piece. If the price moves up to our supply zone, we can expect a pullback as there are still open sell orders in the zone that are now triggered. I am looking for my target on the last demand zone which is exactly before the significant rally. Thats good for the idea! If the demand zone after hitting TP breaks, we can go for the second target. Important: Only if demand zone breaks! Due to our compression zone, in which almost no buy orders are now placed, we can assume that our second target can be reached quickly at the beginning of the compression zone. Infos about the Trade: Entry: 0.7526 SL: 0.75605 TP1: 0.73903 TP2: 0.72659 Risk: 34.5 Pips Reward TP1: 136 Pips Reward TP2: 260 Pips Risk/Reward ratio: 3.94 Use proper money management! I recoment to risk max 2% of your entire balance if it hits SL. Happy trading! I'll keep you up to date and give trade updates. Stay tuned!
Short
by Sturlison_98