Forex

Forex $1 MM Challenge – Trade #6 (3-21-19) Bought CAD/CHF

The Canadian dollar is weak, the Swiss Franc is a safen haven if the Markets start to turn. Also the Canadian dollar isn’t correlated with oil right now. So based on fundamentals, I shouldn’t have taken the trade. Technically, I could say the same.

Monthly Chart (curve/range time frame) – monthly demand is 0.7175 and monthly supply is 0.7850.

Weekly Chart (trend time frame) – the trend is sideways and price is in the middle of the range.

Daily Chart (entry time frame) – price came down to the daily demand zone and is within a 4 hr demand zone. What I like about the zone is it was the origin of a strong move up.

Also the pivot low (yellow circle signals buyers below).

So the set-up is great, but price isn’t in the best location, which was why I gave myself an additional 15 pip stop loss from the bottom of the zone.

NOTE: stopped out of trade two hours later.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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