The Canadian dollar is weak, the Swiss Franc is a safen haven if the Markets start to turn. Also the Canadian dollar isn't correlated with oil right now. So based on fundamentals, I shouldn't have taken the trade. Technically, I could say the same.
Monthly Chart (curve/range time frame) - monthly demand is 0.7175 and monthly supply is 0.7850.
Weekly Chart (trend time frame) - the trend is sideways and price is in the middle of the range.
Daily Chart (entry time frame) - price came down to the daily demand zone and is within a 4 hr demand zone. What I like about the zone is it was the origin of a strong move up.
Also the pivot low (yellow circle signals buyers below).
So the set-up is great, but price isn't in the best location, which was why I gave myself an additional 15 pip stop loss from the bottom of the zone.
NOTE: stopped out of trade two hours later.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
