KyleMcQuade

CADCHF Bullish Cypher

Panjang
KyleMcQuade Telah dikemas kini   
OANDA:CADCHF   CAD/CHF
Later this month, the BoC are expected to raise their interest rate from 1% to 1.25%- should this go ahead we should see a rise in demand for the Canadian Dollar.

Looking at the chart- price has broke strong weekly resistance, which has now turned to support. The Cypher pattern completes on the support level, where I believe price should rally if it hits this level. As always, I will be looking closely at the candlesticks for a valid entry- and keeping the risk:reward at a minimum 1:2.
RSI is also approaching the oversold level.

I am still holding my short position on th NZDCAD as i believe the cad will gain further strength.

Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 0.786
Komen:
The support at which this pattern completes can be seen as strong weekly resistance which is now turning to support.

Dagangan aktif:
I am now in this trade, having entered with the formation of the hammer candle! (highlighted)

Komen:
Top-loss and TP-levels have not been adjusted. Although the entry point has altered, these stay the same!
Dagangan ditutup: hentian tercapai:
Stop loss reached, with only 0.52% drawdown due to the adjustment of the the entry position once price passed the ideal reversal level.
Penafian

Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.