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glennmercer

USDCAD: Key Levels to Watch for Potential Entry

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
glennmercer Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Head and Shoulders neckline USDCAD glennmercer gmercerfx gap weekendgap Pivot Points Daily Pivots missedpivots
13
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headandshoulders neckline usdcad glennmercer gmercerfx gap weekendgap pivotpoints dailypivots missedpivots
Mornin' traders! There are a couple of key levels to watch here on USDCAD. The most important of which to me is the 1.284 area. Before taking a long position I want to see price close the weekend gap and touch the unhit daily pivot for Friday. Since a higher low was created from a bullish impulse, I will be looking for bullish price action (pinbars, engulfing candles, signs of rejection) at this level toward the neckline and possibly further if the H&S pattern remains valid. Until then, I'll be by the sidelines watching. Happy Trading!
Comment:
Price is quickly approaching Gap/Pivot level. I'm looking for some support in that area.
snapshot
Comment:
snapshot

Gap closed, looking for one more drop to pivot before bullish continuation
Trade closed: target reached
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