I think CADCHF on the 4hr timeframe is going bearish for a while.
And my confluences are:
*Double tops reversal pattern (bearish signal)
*Rested of the neckline(healthy chart pattern).
*Normal divergence (change of trend signal); you can check out the divergence yourself.
And the last confluence would be the entry reason; A bearish engulfing candle( bearish signal).
Stop loss is 1ATR above the high of the engulfing candle
Take profit is the next structure.
Feel free to criticize my analysis, we are all learners.
'Do not blindly buy CADCHF based on my confluences and do not enter the trade if my analysis is against yours.'
And my confluences are:
*Double tops reversal pattern (bearish signal)
*Rested of the neckline(healthy chart pattern).
*Normal divergence (change of trend signal); you can check out the divergence yourself.
And the last confluence would be the entry reason; A bearish engulfing candle( bearish signal).
Stop loss is 1ATR above the high of the engulfing candle
Take profit is the next structure.
Feel free to criticize my analysis, we are all learners.
'Do not blindly buy CADCHF based on my confluences and do not enter the trade if my analysis is against yours.'
