Daily Chart – Short-term price action indicates the possibility for a bearish trend continuation in the coming week. In the previous week, the market had failed to break previous structure high with a “Hamari” closing candlestick which leads to the sell-off. The market still holds a strong bullish trend probability over in the weekly and monthly timeframe. The idea of this trade is to seek for lower risking positions with a stronger short-term trend continuation characteristic. Additionally, the market is now trading in a key price level (highlighted in magenta).
4 Hour Chart – As you can see that the market is still holding a bullish trend characteristic but with a channel that is about broken. I’ll be ideally looking to short this market pair on a smaller time frame as the price distance is really small for a favorable RR ratio.
1 Hour Chart – If …
CADCHF – 5th Week of March