Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
Trade Setup Disclaimer:
All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: The Bears Turn Up On The CADCHF With A Two Candle Reversal
All charts I provide are of the Daily time frame unless stated otherwise.
CADCHF
Trend: Very Bearish
Key Levels: Broken support 0.7528 with now holding as a new resistance. The 0.7395 for a final target potential on this pair.
Price Action Signal: A bearish two candle reversal price pattern
Chart Notes: The CADCHF broke the support level 0.7528 with a large breakout candle. Has now retraced back to test this level from below.
With a strong bearish bias now with this pair, gives a good possibility to drop.
Potential Trade Idea:
I am considering selling this pair at the break of the bearish two candle reversal signal.
As you will notice from the chart below, the CADCHF had been in a bullish trend and recently changed to a bias bearish.
Overall this pair is still in a larger sideways market.