Nothing detailed here, just a trading idea based on candle formation, resistance level and trend lines. Yellow highlighted square shows a bearish engulfing candle which may result a trend reversal.
Hello Traders! Today on my radar is FX:USDCAD As we see price is approaching the key resist level which will be the must watch level to go short. Currently price is moving in the wedge pattern and @1.3310 we might see the false breakout in order to test the wedge resistance and then fall down. As the price has tested this level many times, there is a...
FX:USDCAD As previously published, the price reached "the expected area", Butterfly "almost" ready to engage, however, I think there is something missing , AB=CD pattern ends slightly above, the 61.8% retracement also very close, price action printing higher lows and lower highs , looks like, or, probably one bullish pennant is being forged...
FX:USDCAD Another IF=THEN situation completed, Point D forged (and lets see if the price still below it and give us a sign to short). Nice risk/reward* Bearish SHARK: Point B: 61.8% XA Point C: 113% to 161% AB Point D: 161% to 224% BC 88.6% to 113% XC Target: 38.2% to 100% CD (also synced with previous resistance now SupportH4, and between Supports H1 and...
Notes on Chart
Read the text written in the chart.
A close below 1.21700 should hopefully see price back down at May lows of 1.19400. Violation of this support level could see price continue down to December highs at 1.15800.
With a double top already confirmed and validated, retracement, after tested structure, also reached the 61.8% zone. A move down is expected.
Please feel free to leave me any comment or recommendation of constructive criticism so I can improve or make commentary more clear for you to read;or if you agree or like this idea support by thumbs up. Thank you.Sam USDCAD is offering relative aggressive trade with entry at current levels based on consecutive shooting stars at resistance levels. Accompanied...
AS YOU CAN SEE THE CHANNEL IS IN LINE WITH FIB RETRACEMENT LEVELS IN WHICH I BELIEVE PRICE SHOULD COME BACK UP TO THE FIB 38 RETRACEMENT BEFORE MOVING DOWN TOWARDS MY TARGET. DETAILS ON CHART.
THIS TRADE SHOULD WORK OUT PRETTY WELL. REASON BEING "RANGE TRADERS" WHO BOUGHT AT 1.24 TO TRADE THE RANGE ARE STILL STUCK IN THEIR LONG TRADE, SOME OF COURSE HAVE BEEN STOPPED OUT, SOME HAVE NO STOPS AND STILL STUCK. THEREFORE THESE TRADERS WHO ARE UNWILLING TO CLOSE OUT AT A LOSS HAVE THEIR STOP LOSS AT BREAKEVEN, I.E. 1.2400. D1 50SMA 20SMA APPROACHING 1.2400...
Usd/cad just broke the channel after hitting major PRZ (potential reversal zone) on weekly. Now we are waiting for pullback back to the previous channel low. Combined with fibonacci retracment 50 and 61.8 This could mean the first strong setup to the down side after long time. It is important to catch first setups of the new trend and it might go down so fast...
This pair has been range bound for a number of weeks now. Until a breakout occurs either above 1.28500 or below 1.23500... we will play the range. This is a setup for the short side of this range. Will also be setting up a long setup as well.