Counter Trend Trade. My idea is to trade the pullback at least to the first bear fractal on the 4H chart. Daily chart shows a big bullish candle and the price may still goes up touching the top line of the resistance level. My psychological resistance level is based on the resistance level in 2016 previously. Why I take this trade is because the inverted hammer is...
Wait for good PA & flag before taking and short positions, ignore the buys! Trade with care!
After breaking the inverted H&S rate hike from BOC, it is consolidating for a month and formed a rising wedge on H4. With Canada CPI ahead it looks like it is going under as CPI is expected to be higher. Wait for wedge to break for the confirmation.
H&S top looking all the way to 1.38 area where major fib resistance and multi year support lies
This is only a trading capability - no recommendation !!! Next week i`ll confirm or change my opinion about this SetUp :) Buying/Selling or even only watching is always your own responsibility ... Best regards Aaron