Hi,
As you all know the long term bias for CADCHF is bearish. Just look at the weekly time-frame.
In the Daily time-frame we've seen a correction to the up side (that I called it A leg of a ZigZag) which lasted 201 calendar days.
Now I've waited for the B leg correction and as time unfolds it seems to be a Symmetrical Triangle which has already shown its "d leg".
I would sit back and wait for the "e" leg to end near the low of the "c" leg at 0.841 and then look and the price action and buy CADCHF.
I would expect a big upthrust after the "e" leg.
My Stop will be under "c" leg's low, under 0.84
Price shouldn't go there.
Will update the trade idea as soon as I get more price action to clarify targets.
Until next time, take care.
As you all know the long term bias for CADCHF is bearish. Just look at the weekly time-frame.
In the Daily time-frame we've seen a correction to the up side (that I called it A leg of a ZigZag) which lasted 201 calendar days.
Now I've waited for the B leg correction and as time unfolds it seems to be a Symmetrical Triangle which has already shown its "d leg".
I would sit back and wait for the "e" leg to end near the low of the "c" leg at 0.841 and then look and the price action and buy CADCHF.
I would expect a big upthrust after the "e" leg.
My Stop will be under "c" leg's low, under 0.84
Price shouldn't go there.
Will update the trade idea as soon as I get more price action to clarify targets.
Until next time, take care.