In Tflow® trade analysis we always start from higher time frame analysis
Big picture planning
Cadchf Weekly prints price at Weekly resistance highlighted in Red. When at Resistance , our thoughts do not automatically say sell , we need to investigate more
On Daily chart we see obvious downtrend boxes stacking downwards. There would be inclinations for bears to come in. Point of concern would be the blue bullish expansion seen for month of May. This tells traders that power of bulls are still not totally dead.
Going onto the H4 Chart , we see that boxes printing a bearish red expansion. This coupled with a highlighted 1234 down pattern and the double top formation does speak much for bears
However, closer examination of the bearish expansion would tell us that hey, this expansion did not manage to clear the highs of the H4 boxes highlighted in green.
Above chart in H4 also shows a bearish expansion setting up for H4R. Although a bearish expansion is not here yet, however, in H4 timeframe we see a 1234 (see chart below)
Update by Binni Ong on 8 Aug 3.07pm
F6 trigger presented. 13TL is very close to current price. Therefore, this trade is a trade in anticipation of the break of support (presenting in my opinion, higher risk but potential higher gain if support broken).
#tflow #forex #trade wk 32/8 $cadchf below 8280 has 8230