"Seafood Platter" on CADCHF - Trading the Shark & Crab Pattern
Market Outlook and Analysis (2020 WW08)
Currency Pair: CADCHF
CADCHF D1 Chart – Bullish Shark completed, bounced off and retraced 50%
The pair obediently bounce off the support levels after the completion of a Bullish Shark pattern on the Daily charts. Now resisted by the 50% fib level of the move. It is still showing signs of a bullish bias this moment. This retracement would mean a better price entry for traders.
CADCHF H4 Chart – Potential Bullish Shark
Last week, I was too stingy an put too tight a SL and got hit. SL should have been higher and the bearish Crab would have been profitable now.
Moving ahead, the chart is showing us a Bullish Shark could potentially complete at the 0.7340 levels. Will keep a look out for this potential to go long. Those who has shorted the crab, could look at this level to take profits.