- Bullish Hammer on 1H
- Rejecting lower demand zone @ 1.31000
- RSI putting upwards
- Bounce from 1.0 fib level
I don't normally incorporate RSI indicator into my strategy, as I have never found it that reliable. I will be testing it out against results and see if I can make any improvements.
- Currently in a downtrend, nearing a strong, reliable and longer term demand zone -
this suggests a high possibility of a bounce and a move to the upside.
- Many indecision candles on the lower time frames, with some heavy bullish momentum.
- Currently creating a HIGHER LOW
- Price looks exhausted and bullish candlesticks are forming, which indicates to me
Here is a trade I am looking to enter on USDCAD.
My current bias is BULLISH, here are my reasons why;
1) Touched a key level and currently failing to break below.
2) Spinning top candle forming may indicate a move in the opposite direction, as selling momentum has slowed down.
3) We have seen multiple touch and bounces to the upside at this area before.
I am demo trading and documenting my progress. This is not intended to be a sell signal !
Wedge Structure on 1H
Retest of Daily Support and bounce off 1.3330 - Buy prediction on 4H and 1HR with SL set at daily support
Buy at CMP - 1.3340
SL - 1.3330
TP - 1.3370
I am demo trading and documenting my progress. This is not intended to be a buy signal !
Ascending Trendline Structure on 4H
Possible Retest of 4H Support - Currently Competing M Structure - Buying At Support Zone
Buy Limit - 1.33200
SL - 1.3247
TP - 1.3617