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We use Simple, Powerful, Effective Price Action Trading Strategies to trade forex.

CADCHF Daily Chart (17 May, 2016)

CADCHF Daily Chart (17 May, 2016)

Bullish Engulfing formed at the channel support. Notice in the daily chart above, we have a market that is making higher highs and higher lows, this represents a ascending equidistant channel. We looking for a chance to long the pair to trade with the direction of the equidistant channel. Once the long is trigger, we would set our target at the latest horizontal resistance.