USCAD has been in a descending wedge and is being squeezed. As we're anticipating CAD weakness, could this be the start of a a bullish run for USDCAD?
We could potentially be seeing a double bottom happening now. I would wait for a break of the wedge before considering longs. Until then, I'll be sitting on the sidelines as it would be wise to wait for...
1) Price broken neckline
2) Price at a major zone
3) double top rejection - potential rejection
4) need to wait for a retest towards neckline with clear rejection off
5) Price moving in a bearish pattern towards the major zone
Reasons I took this trade:
- Double bottom formed on the larger timeframe / Bounce of strong resistance.
- Pair is oversold on many timeframes.
- Tight stop loss / Good R:R (Risk:Reward Ratio)
- Strong BULLISH candle on 1h timeframe ( Piercing Line Pattern & Possible Bullish Hammer )
- MACD crossover
Entry : 11.44453 (roughly)
Stop Loss: 11.39150
Clues: Trendline breakthrough, 50 ema crosses the 200, tweezer bottoms on weekly TF, W formation.
We are at level 1 expecting level 2 to form this week. Look out the news for GBP this week!
Note: Please do YOUR OWN analysis before you enter any trade!
Good luck fellow traders ...!!
The position to be immediately executed is short UKOIL due to the fact it is trading near a previous resistance level which is seeming to be a good market structure level to enter from. The RSI again is not very helpful in conformation but the MA shows us that the price is trading above and therefore price could potentially need to let off steam before continuing...
The euro is trading back towards the psychological 1.1500 level against the US dollar after sellers failed to hold price below critical support on Monday. The EURUSD pair may have formed a bullish double-bottom pattern, hinting that price could now start to correct higher. Intraday buyers need to move price above the 1.1553 resistance level, while sellers will...
Don't usual dabble with commodities or metals but this looks like a potential trade to go short.
The triangle formation shows a massive reversal of the uptrend plus the double bottom has been formed and continued on with a big short bar.
this evening i'd want to share a setup that i will closely look at in the next few hours and probably on Monday opening. This is a 2618 trade that's forming on EURNZD. If you're not familiar with this kind of formation, it basically consists in selling/buying the 618 retracement of the leg that breaks the double top/bottom's neckline. Essentially it...
The previous range that held price so tightly for nearly a month has been humiliated by both a break lower (which was rejected) and quickly followed by a break higher, making a mockery of the previous buy and sell zones. Price is too high to jump in now, so traders will be looking to find some sort of balance point to go long
today gaps have ruined lots of opportunities for my trading strategies, but here in gbpchf we have a nice double bottom (with RSI divergence) at a previous higher timeframe support.
According to my rules, if the current candle closes engulfing we are going to enter the market with two positions, one with a risk to reward of 1 and another with target set...
Hi traders, today in my morning analysis i've spot this opportunity in AUDJPY. My analysis starts from higher timeframe. In this case we are sitting in a previous 4HR resistance that could become support. The trend is our friend and we want to hop on that as soon as it gives us a reason for entry.
So here we have a double bottom in 1HR with an engulfing candle...