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This idea is solely based on technicals. no fundamentals is considered on this analysis but I would recommend looking into fundamentals before taking a trade. As you can see we have a reverse divergence on the 15 mins chart. If you look at price on the chart it has made two peak lower lows but the indicator is showing different. With that being said you can see ...
5m chart scalp
Round number rejection
Daily momentum down
1H momentum down
15m momentum down
MA50 rejection on 15m chart
MA200 rejection on 5m chart
Trend line rejection
Slowing down , pin bar and engulfing on 5m
Gartley completion @ 0.7514
Nice risk/reward, small support level, and people will want to start taking profits around this level from the double top and will hopefully see buyers come in :)
Going to play either a momentum long move with a 61.8% retracement, or will be short the market at the 127% extension. Planning to let the market decide where it wants to go and take a good RR. Both trades are over 3:1 risk reward:
LONG @ 1.7740
S/L @ 1.7594
TARGET @ 1.8150
SHORT @ 1.8030
S/L @ 1.8105
TARGET @ 1.7820
here is another analysis: on USDCAD we are testing a nice daily and 4hr support and resistance level. I think price may go higher and this level is a good one for buying setups like this.
In 15m we have a Bat Formation completing at 1,3370.
Stops go below X, target as usual with this kind of patterns.
See you in the next chart!