CADCHF - Potential Bearish Reversal!

5 июн. 2022 г.

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

DAILY: Left Chart
CADCHF is sitting around a strong resistance zone in green so we will be looking for sell setups on lower timeframes.

M30: Left Chart
CADCHF is forming a trendline in red but it is not valid yet, so we will be waiting for a third swing to form around it to consider it our trigger swing. (purple projection)

Trigger => Waiting for that swing to form and then sell after a momentum candle close below it. (gray area)

Meanwhile, until the sell is activated, CADCHF can still trade higher inside the resistance or even break it upward. In this case, our next resistance would be the orange level 0.777

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich