The previous week has been a rather a quiet one as there were little charts that fulfilled my trading requirement. However, I’ve spotted a potential entry on the CadChf as market test key monthly level. I spotted signs of bear exhaustion on the Monthly Chart and was seeking an entry.
Scrolling down the Weekly Chart had me realised that market has been acting repeatedly when price heads towards the monthly level. As you can see market tend to retrace with a strong momentum whenever it touches that level. Last week week market broke off the key level with a strong bullish candlestick beating past prices pull down.
On the Daily Chart, I’ve decided to wait for sign of market continuation before entering the trade. As you can see on Thursday, price action reversed the previous day price with a strong bullish engulfing candlestick. Which led me to seek signals of entry on the smaller time frame.
Executed an long entry on this pair through the 1Hour Chart. As market broke off the 1 hour bearish channel, with a strong close, I have decided to put a probability bet on this pair. My order is no longer live as i was wiped out due to spread (spread on minor pairs are really high) and have yet to re-enter as i was out of home on Friday.
Hope you guys had a profitable week!