USDCAD has shown brief consolidation at the long term downtrend line before providing a bearish pin bar which has lead us to the trade setup where we anticipate it reaching a previous floor that has been bounced up from twice.
SL - 1.32636
TP - 1.30558
USD & CAD are suffering bad data outputs and lack of demand for oil.
We could see this market testing the bottom of the short term range around the 1.315 zone looking for direction.
Further drop in manufacturing data could see further downside.
CADCHF could see a retracement down to the 0.7444 zone area after double topping on D1 before resuming a bullish stance.
US stock inventories haven't helped the bulls !
Watch the PA if the 0.74 lows get taken out
* Lovely Pinbar breaking the 50 EMA
* finding resistance from 50EMA and Horizontal support.
* Following the Trend on 15M 30M and 1H Timeframe
* 6EMA is above 18 EMA showing an upward move
* EMAs are not in line.
I don't know if we get a retracement looking at the Daily timeframe, but if we do I will be looking to enter short at the 50% Fib retracement.
I will also be looking to use this bias information for a DDP and intra-day setup.
I'm starting a new multi-timeframe analysis series and using TradingView to document it.
The main objective of this multi-timeframe analysis series is to bring together the knowledge I have gained over the 4+ years of trading, and encourage me to consciously use that knowledge rather than working out of habit and 'instinct' which is so...
EURUSD pin bar on the daily chart as a reversal sign and positive bullish moves on smaller time frames confirms this. Looking for this one heading back to the trend line / Fibonacci levels.
PATIENCE - CONFORMATIONS - ENTRY - PROFIT
CFTC data shows YEN bears were at extremes a few weeks back. They have started to unwind their positions and thus accelerating Yen's upside.
Nikkei225 which is in close inverse-correlation with YEN is tracking lower too.
We expect market participants to continue unwinding YEN shorts from over -$12bn short to -$7.5bn, which would transcend into a 2-3 handle move...
If you're anything like me, as a trader you likely have a traded instrument that is kind of favourite. For me it is the FOREXCOM:UKXGBP mainly on account of the fact that I cut my trading teeth on this index. So if indices are a part of your portfolio, this could be a profitable opportunity.
This index (like many others and the Equities they derive their value...
Can you figure out the differences in the three pinbars highlighted...bearing in mind that the shape, length, or colour of the pinbar does not matter in this case.
Pinbars occur in the market as a result of two scenarios:
1) When institutional traders place large positions in order to reverse what we call a "trend"
2) When institutional traders take profit off...
Another overbought market with a pinbar off the daily on the 5th of september,
Reaching a new high for 2018 at 1.77340 with a sharp retracement leaving the day to close below 1.765.
The rest of the week pulled back up slowly with the highest high on friday of 1.77120 still approx 20 pips below the 2018 high,
closing our end of the week Friday just below...