I Spy A CADCHF Pivot?
Good afternoon ladies and genltemen
Another beautiful Spring day here in London. After yesterday, I thought the beautiful weather we had on Tuesday was a one off but not so! Long may it continue!!
So to the CADCHF and on my last up date price had broken through a S/R level and I said that for me to go into this trade I would like to see a pull back and for me to then enter in on the following BOB. Today's action has done just that with short term traders and day traders posibly scared of losing profits and hence cashing in. As SM we know that this is normal market action when gong with our friend the trend. However, with our knowledge, tools and money management we can see the bigger picture and look to take maxium profits with mimimum effort and maximum discilpine. Below I have the daily chart and we can see that price has now dropped to restest the S/R Line and in doing so has created a pivot and a possible SM entry point assuming prices reverses and continues with the trend. The confluences and indicatiors that I personally look for still say I have the odds stacked in my favour. However, will the market agree and behave accordingly or will we see a further pull back. All we be revealed with time and with a little patience.
Please do your own analysis.
"Keep believing in yourself!"
Total Abundance is your Birth Right.