๐ Potential SELL setup for: CAD/CHF
๐ฉ๐ฝโ๐ป Technical: The higher time frame bias indicates a clear downtrend. Currently, the 4-hour chart is forming a descending triangle pattern. However, the pattern's lower trend line hasn't been broken yet, a key point as a break may signal a continuation of the downtrend.
๐ฏ For an ideal entry: To confirm further bearish pressure, watch for the price to break below the patternโs lower trendline. Ideally, look for a push towards exhaustion in a previous area of sensitivity, then a bearish candle closure to confirm entry. This confirmation is vital to ensure that we are not entering based on a false breakout.
๐ Key Note: If the lower trend line holds and we do not see a break, we may see incoming strong bullish pressure, especially since the price is currently at an all-time low.
๐ฏ For an ideal entry: To confirm further bearish pressure, watch for the price to break below the patternโs lower trendline. Ideally, look for a push towards exhaustion in a previous area of sensitivity, then a bearish candle closure to confirm entry. This confirmation is vital to ensure that we are not entering based on a false breakout.
๐ Key Note: If the lower trend line holds and we do not see a break, we may see incoming strong bullish pressure, especially since the price is currently at an all-time low.