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Possibly pattern has been confirmed....it could lead to a bullish movement.
Just wait for the market to retest the support trendline (bold black) and go long on this momentous occasion.
Price looks like it'll move upwards to the 93.28 area as this is the area with the most tested resistance and most sideways movement.
i want to share one of my today's favorite setups, which is on CADJPY. The chart explains everything but basically i've found several clues that all point in the same direction, namely long.
It's important you know i don't even start building a case for entry without structure; here we have higher timeframe structure and trading timeframe structure at...
The price has rebounded off of short term support and is forming a fairly straight channel. Potential for a LONG position 86.65 and heading towards 87.3 with a TP 1 at the previous (closing) high of 87.03
So this is my first published post and I'm looking for comments on the analysis. B broke through .786 so I'm not sure if this is a valid pattern. It also looks like a possible Elliot wave forming as well. RSI and Stoch RSI are overbought and MACD is showing a cross towards the downside. I've picked a take-profit at 38.2
I'm looking for feedback on the...
We're so far holding firm to medium term structure and key fib levels. If we see a rejection of 85.000 support then a small bounce back would offer up a good short opportunity to retrace down to the 82.500 area. However, if the support holds, then a move up to the 38% fib would be another key resistance level to keep an eye on.