CADCHF bulls’ hearts were broken after failing to proceed another leg upward after merely touching April’s 1st external resistance following a strong price reversal to the downside!

To start today's Finlogix analyses, I am updating a new one for the CADCHF after a stop loss result in my May 21 long trade plan:

https://www.finlogix.com/analysis/20240521/cadchf-intraday-analysis-and-trading-plan-for-may-21-2024

There is only 1 Canadian high impact economic report later this evening while none in Switzerland.

Re-assessing the CADCHF’s high timeframe candles:

Yearly Candle: Still a Green Body with a Longer Head Wick since last check

Monthly Candle: Last check is a Green Long-Legged Doji with Small Body now a Red Body with a Longer Head Wick

Weekly Candle: Previous close is a Green Spinning Top current is a Red Body with a Longer Head Wick

Daily Candle: Previous close is a Green Body with a Longer Tail Wick current is a Red Long Lower Shadow

CADCHF’s April resistances are proven to be effective.

There is a change in price direction after a clear buy side liquidity sweeping on Monday.

A bearish 4H FVG is formed in the process that further aided a sweeping off lows on the previous sideway consolidation.

Looks like a 4-day losing streak is more probable intraday and the current 4H candle at time of delivering this analysis is a weak one!

We will see bears push the price down targeting the April 16’s scam wick range.

Both monthly and weekly candles should end in ugly bearish momentum.

In my previous CADCHF long trade plan, I was actually enjoying 40% running PnL gains but it was momentarily only.

Remember I keep advicing in my previous articles that we can close out winning positions within 50% of the take profit target.

But no regrets. At least I have prevented big damages through the pre-set stop loss order. This is the beauty of risk management in trading.

So in today’s trading plan, even if CADCHF ends May in bearishness, I still maintain a buying instance.

I will open a long position within the April 16 scam wick’s 75% upper retracement with a protective stop loss on its 25% fib level and targets the take profit towards the bearish 4H FVG.

Here are the long orders to play this execution:

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

CADCHF Intraday Analysis and Trading Plan For May 31, 2024

May 31 2024

Stop Loss -0.46%

Holding time 16hr

0.65698

Entry price

0.65399

Stop loss price

1

1