CADCHF proceeded to a down wave after a decent buy side liquidation has occured on July 4 respecting May 31’s bearish order block.

As a result, my July 1’s long trade plan has exited in another loss after holding for 15 days and 3 hours:

https://www.finlogix.com/analysis/20240701/cadchf-intraday-analysis-and-trading-plan-for-july-1-2024

There are 2 remaining Canadian high impact economic reports on Friday while 1 for Switzerland this week.

Re-assessing the CADCHF’s high timeframe candles:

Yearly Candle: Last check is a Green Body with a Longer Head Wick now a Green Long Upper Shadow

Monthly Candle: Last check is a Green Shaven Bottom now a Red Long Upper Shadow with Big Body

Weekly Candle: Previous close is a Red Shooting Star current is a Red Spinning Body

Daily Candle: Previous close is a Red Body with a Longer Head Wick current is a Small Green Body with a Longer Tail Wick

In today’s analysis, I’m using the retracement points of view from June 18 – July 4 swing low to high moves.

Through these points, I’m seeing a new down trend structure after CADCHF respected its May 31 4H bearish order block.

Price tried to rally off the recent peak in a descending triangle pattern but the CADCHF bears have proven to be in much control over the premium arrays.

Bearish confirmations are shown through the combined BoS and CoCH causing an aggressive move down.

For now CADCHF’s price is holding within its June 18 bullish OB after the initial sell side liquidity sweep below February 29 lows.

In my previous long trade plan, my take profit was almost hit! Just 17 pips shy.

I’ve said this advice several times before and I say it again that we can close our winning positions when they are above 50% on the target or we can set a trailing stop loss to avoid giving back the gains to the market.

I will open a short position with the following details:

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

My bias is to the down side after some dead cat bounces to appear soon.

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

CADCHF Intraday Analysis and Trading Plan For July 18, 2024

Jul 18 2024

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