CADCHF BUY with X2 Confluences
Updated
By looking at the chart, we can see the pair has been moving in a bearish direction for several day. We are starting to see sign that we might have a reversal on our hands.
We see a breakout of our key level which also signals a change in market structure from bearish to bullish. If we look around the low of June we can see a inverse
head and shoulder pattern has formed together with the breakout of the neckline area. This could also pass a triple bottom pattern formation at the low of the previous month.
List of confluences:
1: Head and shoulders
2: Triple bottom
The risk reward for this trade currently stands at 1 to 6.7 with our target around the high of June. The entry is at the test of the key level as indicated by the arrows on the chart.
Never risk more that 2% of you account on any single trade.
We see a breakout of our key level which also signals a change in market structure from bearish to bullish. If we look around the low of June we can see a inverse
head and shoulder pattern has formed together with the breakout of the neckline area. This could also pass a triple bottom pattern formation at the low of the previous month.
List of confluences:
1: Head and shoulders
2: Triple bottom
The risk reward for this trade currently stands at 1 to 6.7 with our target around the high of June. The entry is at the test of the key level as indicated by the arrows on the chart.
Never risk more that 2% of you account on any single trade.
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