How is everything traders??? Are you ready for the NFP report later this week?
I know you already know about the risks of trading during the NFP, which is today the second most important fundamental announcement (second to the FOMC Minutes).
The sentiment of the market could change in just a few seconds, so please, be careful alright?
Now, it’s not that the market will move hundreds of pips in a few minutes (like it used to move), these days it just whipsaws and thats it…
So please don’t try to trade it…
Focus on real opportunities, try to understand what the market is doing what it is likely to do, and once you have that information, trade it…
Only then the odds will be in your favor. Ok?
Ok, lets get to today’s signal!
CADCHF Long Term Analysis
Based on the long term charts, its clear that the CADCHF is trading in a very clear bullish condition…
Got rejected from an important support level (0.8144) and as you already know, once the market gets rejected from an important level, it is likely to continue its way up at least until it reaches its next resistance level which is at 0.8520.
The CADCHF is currently trading at 0.8368 so we’ve got plenty of room and time to look for our trade.
CADCHF Short Term Analysis and Signal
Now, here is the short term chart:
What I like about the CADCHF is that it is trading in a very clear range, it’s got clear S&R levels which adds to my confidence and makes me feel more confortable looking for trades.
Ok, so one possibility is to look for a trade around the bottom of the range, the other is to wait for the market to break the upper resistance level.
So this is my entry order for the second scenario:
Entry stop order: 0.8373 + spread
Are you going to trade during the NFP report later this week?
What are your thoughts about the CADCHF?
Are you going to take this signal?
Share your thoughts
I’ve been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .