CADCHF SHORT 1 HOUR BREAK AND RETEST TRADE SETUP

Hi everyone:

Here is my view on CADCHF SHORT, Any type of feedback is greatly appreciated it. Thank you

Trade: #6

Date: 12/06/2016

Time: 07:00 GMT

Forex Pair/Commodity: CADCHF

Position: SHORT (SELL)

Reward/Risk: 3:1

Opportunity:

Daily: hit strong horizontal resistance line @ 0.7600. Price could not break above 5 times,
formed bearish engulfing candle

4 Hour: Formed rising wedge, price break down the support trend line,
retested the 20 EMA

1 Hour: Break down the strong support trend line, retest to the 50 EMA, main pivot point,
0.382 fibs retracement

Looking to take this pair to daily support resistance trend line of 0.7520 area, and 20 EMA.
Thank you for your support

Yorum:

DAILY CHART:

4 HR CHART:

İşlem kapandı: durdurma seviyesi:

Price broke above resistance of main pivot point, 20/50 EMA and 0.382, 0.5, 0.618 fibs retracement for a 1% loss.