It Is CAD/CHF Again, Now with Symmetrical Triangle

My previous CAD/CHF trade attempt was not successful at all. This time, the pair has formed what looks like a symmetrical triangle pattern on the daily chart. It had started forming back in early October with CAD’s fall, which triggered a sell trade of my last trade. As the long-term trend preceding the pattern is bullish, it is now natural to expect an upside breakout from the consolidation triangle.
The yellow lines on chart below represent the triangle’s borders. The cyan line above the triangle is my breakout entry level positioned at 10% of the initial pattern’s height on top of the border. The green line is the potential take-profit level located at the full pattern’s height above the upper border. I will completely ignore the downside breakouts with this setup.

The chart was built using the ChannelPattern script. You can download my MetaTrader 4 chart template for this CAD/CHF pattern. It can be traded using my free Chart Pattern Helper EA.
Update 2014-11-21: It looks like the price has finally broken through the upper border today. Unfortunately, I have cancelled my pending orders yesterday after the price had broken through the lower borer, which nullified the pattern’s validity as a symmetrical triangle.

If you have any questions or comments regarding this symmetrical triangle on CAD/CHF chart, please feel free to submit them via the form below.

Leave a Reply

Your email address will not be published. Required fields are marked *