1. Weekly timeframe is strongly Bearish
2. Weekly Bearish TL has been respected
3. Bullish pullback has respected the 61.8 fib level
4. current weekly Candle is gorming a doji
5. Daily counter TL on the line chart has been broken and retested
6. Awaiting a confirmation the looking to go short
We have finally broken out of the descending channel on NZDCAD, we need to see a pullback into structure and rejections to confirm the breakout before looking for long opportunities. I highly recommend keeping this one on your watchlist.
According to COT Data - 60% long
Short opportunities on this H4 close (if we have this bearish wick) if not I will be waiting for a deeper retracement into the 50% fib. We have multiple confluences here as price is clearly in a downtrend (lower highs, lower lows), price is also respecting this descending TL, we are also near and below the 50EMA and has stalled around the 38.2 fib level with what...
Although we are currently in a down-trending market my custom indicator has signaled me a buy. I have illustrated where I expect price to reach before we see signs of any rejection, let's see how this one plays out.
Expecting further downside on this pair after breaking the previous significant structure. We are working with the small bear flag patterns that are being formed on the way down in the hope of a major downside move.
I have entered this trade because:
- The COT data is supporting our decision
- After viewing and analyzing CAD base pairs, I have come to the...
I am placing this sell limit order because I believe this pair will want to respect the descending channel. Now that we have broken the small ascending channel and have come back up to re-test the structure and the 0.618 Fib, I believe we will see a small downtrend emerge. The sell limit has been placed between to 0.618-0.786 Fib in an attempt to get a wick entry...
- H&S formed, and price broke through it
- Want a pullback to the 0.382 FIB which is
around the neckline area
- That would line up with the 50 and 200MA on
- Rejections of those would be a good indication
to go short