You know that I don’t specifically trade into NFP. In fact, it’s a known fact that I don’t like to open positions into NFP.
A side note though, somehow most USD seems to be pointing up, with USD strengthening.
That’s the reason why I posted USDCHF, but again coming into NFP, prefer to let it break it’s resistance as a confirmation.
— TerraSeeds FX Tflow® (@terraseeds) October 2, 2015
This caused me to investigate into other CHF crosses and found CADCHF.
Please also remember to apply the trade process. It helps your line of thoughts.
Tflow® Trade Process
- How to find trades
- Preparing high probability setups
- Pulling the trigger
- Managing the trade
- Locking and exiting the trade
Trade Process 2: Preparing setups: CADCHF – healthier vitals
Our steps are very clear. I always look into nBox for a helicopter view.
Hang on, wait….what’s about HTF?
Seems supported by F6, pending week close to confirm WR.
Big 1234, but inside it are complex retracements
So how do we treat such complex retracement?
In a complex retracement is actually a series of downtrend (lower high and lower low). Just make sure mathematically the trend is broken when price close above the largest retracement. In this case, CADCHF did a H4 (H4 only) close. However, I’m sort of happier because it also close above the green line (around 7350) historical resistance (which now is a support).
What is not good, is there’s no HTF close.
Trade Process 3: Pulling the trigger
I’m an advocate of HTF close. In BP class, it’s always “SLOW IS GOOD”. So ask me a thousand times, I’m looking at a week close above 7370 (pt3) since already miss out the WR entry.
However for some who want an earlier, faster entry, then a spike/retracement (maybe during NFP) to mark support (around 7350-7370) might be a tight SL, low risk point.
Will update again when there’s a week close.