AUDCAD is in the midst of an uptrend, but has recently pulled back to a level denoted by a confluence of indicators: the 50 SMA, a 61.8% Fibonacci retracement level from a swing low to swing high, and a previously established horizontal support level have all convened. As such, I'm entering a trade to go long in the direction of the primary trend. My entry is at...
Small stops for high probability counter bounce towards top channel. HOWEVER, good chance it'll drop to bottom channel for a W3 down. In that case, look for RESISTANCE at the marked GREEN S/R zone....Use shorter time frame entry with confirmation entry a la moving avg crossover, a break out or 79 pullback buy. To each his/her own. PEACE.
USDCHF pulls back to a 61.8% Fibonacci level, a 50 SMA, and a horizontal resistance level established in December 2013 -- all while in the midst of a clear downtrend. As such, I'm seeing this as a great swing trading opportunity and am going short. My only concern is that we don't have candlestick confirmation, though in my opinion if I wait for that on the daily...
Long wick off the 50 SMA, in the context of a downtrend -- joined a 50% Fibonacci retracement level from the recent swing high to swing low and a horizontal support level going back to the turn of the year. The confluence of factors sets up a nice short trade opportunity.
Sell limit @ 314.07 Good fibonacci confluence at 88.6% retracement level of XA. CD = 1.618AB