CADCHF Analysis Review - August 5, 2019
CADCHF Review:
1) August 1, CADCHF took a bearish run after breaking range and began retracing after a third wave on the 2hour at around 0.74200.
2) Upon rejection of the 38.2 Fib level, trade was entered at the opening of the next candlestick at 0.74280.
3) Target equaled the -61.8 fib level, almost equal in length to prior wave down, and near prior daily support at 0.73650 with SL above at 0.74500.
4) Risk to Reward was 2.86 with 63 pips captured.
5) Trade was exited due to news appearing bullish in the later part of the week.
6) Will re-enter for a short if price rejects another fib level and fails to make a new higher low.
1) August 1, CADCHF took a bearish run after breaking range and began retracing after a third wave on the 2hour at around 0.74200.
2) Upon rejection of the 38.2 Fib level, trade was entered at the opening of the next candlestick at 0.74280.
3) Target equaled the -61.8 fib level, almost equal in length to prior wave down, and near prior daily support at 0.73650 with SL above at 0.74500.
4) Risk to Reward was 2.86 with 63 pips captured.
5) Trade was exited due to news appearing bullish in the later part of the week.
6) Will re-enter for a short if price rejects another fib level and fails to make a new higher low.