A double top formation seems to be forming, so I will be looking for reversal patterns to form around the 61.8-78.6 region before going Short or even a break of the 2hr CTL. The previous setup was invalidated as there was no reversal pattern. Keep an eye out on the DXY.
This is what we are looking at today, please note that we will not buy on the way up to our resistance zone... We will wait for price to get to this level an test the trend line before we send out a sell signal to our clients.
If you have no patients the market WILL f@uck you.
CAD weighted index, Daily on the left, we have the general bearish structure (impulse + flag, although its a flat top triangle, the general wick directions point for a massive bearish move)
Weekly on the right, shooting star closure
I do believe CAD is about to lose a very serious amount of strength, unless we close above the trendline +flat top triangle on a...
While the price is above the support 0.9105, beginning of uptrend is expected.
We make sure when the resistance at 0.9610 breaks.
If the support at 0.9105 is broken, the short-term forecast -beginning of uptrend- will be invalid.
A peak is formed in daily chart at 0.9395 on 06/04/2019, so more losses to support(s) 0.9170 and...
You can clearly see how price has reacted previously when entering this zone... bounced! we can see price is in this area again and that price has also failed to break a daily resistance the previous 2 days, so we are looking for downside movement from this area.
This is a strong level so we will keep a very tight SL to avoid loosing much at all if price does...
We have been looking at the resistance zone ( red box ) for a couple of weeks now ( if you see our previous USD CAD trade idea ) and we have been waiting for price to retest this level... price has finally done this today so now we are looking for movement down to our support zone ( green box )
Again we are keeping it nice and simple and not trying to fry your...
Strong Bearish Weekly Break of the Weekly Ascending Trendline. I will be looking for a LH to be made at around 61.8 before going Short.
Target 1: 1.31054 (400-500 pips)
Final Target: 1.2200 (1000+ pips)
As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.348.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of R2=1.349.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of...