CADCHF, 4hr tf, double top pattern inside descending channel
Hello my friends,
Another setup to trade is CADCHF pairs.
As you can see CADCHF moving inside a descending channel for the last 2 months.
I don't see any pattern to confirm a breakout yet.
As long as price inside this channel, we will only look to sell.
There is a double top pattern and price currently retracing at 61.8% fibonacci level.
Exactly at this area, there is EMA-200 which acted as resistance.
If you look to the left, there was a gap from this point as well before which i think will acted as a resistance as well.
In conclusion, this 0.6930 area is an area of confluence resistance.
Sell CADCHF 0.6930
Stop loss 0.6965
Take profit 0.6860 (2R)
RR Ratio 1 : 2
Use only 1-2% risk
Good luck
Another setup to trade is CADCHF pairs.
As you can see CADCHF moving inside a descending channel for the last 2 months.
I don't see any pattern to confirm a breakout yet.
As long as price inside this channel, we will only look to sell.
There is a double top pattern and price currently retracing at 61.8% fibonacci level.
Exactly at this area, there is EMA-200 which acted as resistance.
If you look to the left, there was a gap from this point as well before which i think will acted as a resistance as well.
In conclusion, this 0.6930 area is an area of confluence resistance.
Sell CADCHF 0.6930
Stop loss 0.6965
Take profit 0.6860 (2R)
RR Ratio 1 : 2
Use only 1-2% risk
Good luck