This is my trading plan for the CADCHF
I dont think I’ve seen the market as slow as it has been trading this week in a while… What are your thoughts about this?
So my question to you is this one: What currency pairs are you trading/monitoring?
Now, do you think that the fundamental announcements have something to do with it?
Tomorrow we’ve got the FOMC minutes (which has proved to be the most important fundamental announcements, or at least the ones that has the most impact in the market) and the Advanced GDP.
Then later this week, on friday we’ve for the Non-farm payrolls report…
So yes, I have a feeling that that’s the reason the market has been so slow… 3 of the most important announcements in the same week…
What do you think?
Ok, now to the CADCHF Analysis
CADCHF Long term Analysis
Take a look at its LT chart:
Even through the market hasn’t been that smooth, it still is trading in a bullish condition and long opportunities are in play.
What we need to do now is to look at the short term charts and see if we’ve got clear levels there.
CADCHF Short Term Analysis
Here is what the hourly chart looks like:
So it looks like we’ve got clear levels… and that’s perfect!
This allows us to create a well defined trading plan…
There are two possible scenarios here:
- If the CADCHF retraces back the ST support level (0.8302) and it forms a significant pattern with upward pressure I’ll go long.
- If the CADCHF breaks the upper resistance level I’ll be inclined to take a breakout trade.
One word of caution though…
Remember we’ve got plenty of important fundamental releases this week, we also got the CAD GDP, and the CAD is one the currencies that react the most to its fundamental announcements…
So be careful alright?
What do you think about my CADCHF Analysis? Are you going to trade it?
What other pairs are you trading/monitoring?
How do you handle fundamental announcements?
Share your thoughts!