CADCHF Long
Direction: - Started a Bullish Cycle from 3 days ago when PFL (Peak Formation Low) formed.
- H1 & H4 MBL (Market Base Line) on TDI leaning upwards, from below the 50.
- H1 OB (Order Block) was being respected.
Entry: - Low was held for multiple hours at the H1 OB (Order Block), which is a resistance point. Candles never closed below that low (resistance point), and in fact some candles pinned that low. This price action indicated that the pair was going to rise.
- The candle that formed the low of the day was where the RSI crossed back into the volatility bands, indicating a probable rise in the pair. In addition, the RSI was at the 32, showing that the pair was oversold.
- The MBL (Market Base Line) started to point upwards, indicating a rise in the pair.
Exit: - 11 pip SL @ 7 pips below low.
- 16 pip TP 1 @ just below 200 EMA (resistance point)
- 24 pip TP 2 @ just below 800 EMA (resistance point)
Direction: - Started a Bullish Cycle from 3 days ago when PFL (Peak Formation Low) formed.
- H1 & H4 MBL (Market Base Line) on TDI leaning upwards, from below the 50.
- H1 OB (Order Block) was being respected.
Entry: - Low was held for multiple hours at the H1 OB (Order Block), which is a resistance point. Candles never closed below that low (resistance point), and in fact some candles pinned that low. This price action indicated that the pair was going to rise.
- The candle that formed the low of the day was where the RSI crossed back into the volatility bands, indicating a probable rise in the pair. In addition, the RSI was at the 32, showing that the pair was oversold.
- The MBL (Market Base Line) started to point upwards, indicating a rise in the pair.
Exit: - 11 pip SL @ 7 pips below low.
- 16 pip TP 1 @ just below 200 EMA (resistance point)
- 24 pip TP 2 @ just below 800 EMA (resistance point)