USDCAD has reached the strong support Line.
It's good to buy now?
Let's see the previous price. We have same history of price before (Feb 2018)
We can use Buy opportunity.
Use the lower time frame to identify candle stick bullish confirmation.
If you have any idea, leave comment below and give like.
message me or hat for discussion.
This has retraced nicely to the point I marked out in my previous analysis for the pair. This is a good shorting entry to the target of 1.22500 with SL just above the resistance level. MACD is still below 0 so that signifies this is still bearish and EMA's are very close to crossing but I expect this to drop from here.
This has broken below a support, it now offers a chance to short this further but we need to see a retrace first for an opportunity to enter the trade. A retrace to at least 0.382 Fibonacci is required, then if and when it rebounds the short can be entered with a target of 1.22500 with SL just above the support level.
This has moved beyond the upper trend line but looks like it has reached its peak which is a lower high. Now expect this to drop and possibly create a lower low, but to be on the safer side TP can be at the previous low. SL just above the previous high of 1.27994
- 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