USDCAD in the past several sessions had a good uptrend then hitting a double top and reversal Sunday 5/15 after the open. The double top occurred at the of the second upper VWAP band above the mean and the top of the volume profile. On the descent , it has crossed under the POC line of the volume profile and is widway between the first positive VWAP bandline...
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Short OANDA:CADJPY targets below 103.282. Stops above the 105.615. Technical break of structure, and bearish bias from cot data. Use proper money management.
Price pulled back and tested the break of structure, which correlated with the neckline of the double bottom, and the 61.98 fib level (if you drew a fib from the new low to the new high on the 4hr timeframe.) I am expecting price to to ultimately test the previous higher low, which also correlates with the daily resistance and the 61.8 fib level. Take a look at...
Feel free to like or comment. Especially if you see something different or think otherwise state your reason(s). I am open to seeing others point of view. 1.) Here price found support and formed a double bottom pattern, which is a bullish formation and started off the uptrend. This also serves as the low. 2.) After the double bottom was formed, price confirmed...
Take a look at my original analysis, to see how price has behaved. Price has now completed the Inverse head and shoulder pattern. Price has retraced to the 61.8 fib level. Here is where price found support at that fib level which also correlated with the daily support. Price now began making its bullish move to the upside. I am expecting price to test the...
-Price found support at the monthly/weekly support or demand zone and began it's push up. -After an extended push to the upside (or bullish pressure), it appears price is preparing to make a retracement. -Price broke through the daily support level now, I am expecting price to retest this area. -After drawing a Fibonacci, it appears the 50.0 fib level corresponds...
Usually CADJPY has positive correlation with BrentOil (attach idea at the bottom) Sell 83.389 SL - 83.64 TP1 - 82.93 TP2 - 82.24 TP3 - 81.98 TP4 - 81.65 RRR - 1:6.6
Quick short trade- buy USDCAD after finding support at Fibonacci resistance line (see chart); oversold status on RSI and a bullish Harami candle pattern forming on 4 hourly charts
The Harmonic Strategy has just Sold USDCAD at 1.3148
We printed a nice double top on the daily chart, followed by a break below previous resistance. Starting from the 61.8% retracement we can look to short now for a retest of previous lows around 85.00. Today we bounced off weekly resistance around 88 which is an initial sign that a revarsal might be in the cards.
buy @1.38885
Watching the big picture, we are still on an uptrend on the weekly and daily time frame which makes me look for trend continuation opportunities. Currently price is at a very sweet spot while RSI approaching oversold levels. Great risk:reward if entered at market if conservative stops and targets are used as illustrated on the opened long position in the chart.
4H cypher: buy @1.31306 daily cypher: buy @1.27020
Gartley pattern: buy @1.64183. As this is a deep gartley it has a fabulous risk-reward profile! Cypher pattern: buy @1.61937