Hi all. I am new & trying to self teach on analysis, etc., so any help/advice would be much appreciated!
My analysis on this 1D chart for USD/CAD looks at the possibility of a break out of the descending wedge pattern we have been in since the first quarter of 2020.
We have just seen a bull flag lead to a third tap on the resistance of the overall channel...
Why have we been looking for long positions on GJ for the past few weeks and months you ask?
Well, on the daily chart we can clearly see we have resided in an Ascending channel for some time now. However, we have now rallied up to the top of our ascending channel with a third touch.
You can see some key levels marked in on the right hand side. These are key...
will be taking a risk entry as a flag pattern has formed. Stop loss will be 20 pips making a risk to reward 2.5:1. will be a short term trade. This trade lines up for the third touch of trend line as well as a triple top. So alternatively when target is achieved will be looking for sell set ups. Any alternative views please feel free to share.