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Taking a Second Chance on CAD/CHF Weekly Symmetrical Triangle

December 6, 2020 (Last updated on January 16, 2021) by

My previous attempt at picking a trade using a nearly identical pattern on the CAD/CHF weekly chart ended without any trade at all because the formation had been invalidated by a bullish breakout. This symmetrical triangle is a reformed pattern with a different upper border and a bit more body to it.

The borders of the triangle are represented by the yellow lines on the chart screenshot below. The cyan line will serve as my entry level; it is located at 10% of the triangle’s base width below the lower border. The green line, which is located at 100% of the same distance, is going to serve as my take-profit level. I will set my stop-loss to the high of the triangle’s base at 0.72481. I expect this triangle to break out to the downside so it could continue the preceding bearish trend. I will invalidate this trade setup if the currency pair breaks out to the upside.

CAD/CHF - Symmetrical Triangle Pattern on Weekly Chart as of 2020-12-06

I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this CAD/CHF pattern. You can trade it using my free Chart Pattern Helper EA.

Update 2021-01-16: I am cancelling this setup because the rate has now gone well above the pattern’s borders:

CAD/CHF - Symmetrical Triangle Pattern on Weekly Chart as of 2021-01-16 - Post-Cancellation Screenshot

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

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