We may have missed the ideal entry point on this one so we shouldn't really go around chasing tails. If the price comes up slightly I will consider placing a sell limit in attempts of getting a wick entry from the lower time frame order block. We will have to see how the price develops on Monday, wishing you all a great trading week!
COT Data - 70% Long
- 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
I am extremely interested in buys on most XXXCAD pairs but USDCAD in particular. After analyzing the DXY I have a strong feeling that bullish pressure is imminent. I would like to see a pullback into the key area marked followed by significant rejection before I consider my buy position. We need to ensure we see signs of rejection because if we don't we could...
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.
UsdCad's on the watchlist today,,
Break of the channel and currently re-testing,
I'm going to wait for the 4h candle close before deciding on a trade,
We have 2 target options,,
TP1 - daily ema around 90 pips
TP2 - top of the chanel (long term)
- New higher high formed, along with higher lows
- Break of descending trendline
- We've had a rejection of the 0.71 FIB and 50MA
- Oil has dropped which affects the CAD negatively
- Could enter around now, however, I expect a slight pullback to the 0.786 for a better entry
According to my idea the Resistance and support lines in the green are strong . The price has broken out from the previous resistance and also retested the line and now revered and headed bullish on a 4hr chart.
There is an opportunity for a BUY trade 1.31654 with a take profit at 1.32541.