This pair needs to be monitored for rejection or the break at the TL. Likely case is it being rejected off the TL so most helpful to place a sell stop after rejection while waiting for confirmation.
SL may need revising..
Price just coming off a line of resistance however daily trend suggests price is in a very grey area.
In other words it it can either hit SL or TP, just like every other trade.
Trend channel identified. Use the below points to identify profit points. When near profit points, you'll have to watch closely as price can bounce back up to the trend channel line as it is a "support line" in this scenario. My paid signal group will know when to close trades.
Swing high and lows identified
TP1: 1.32005
TP2: 1.31573
TP3: 1.31000
You can clearly see how price has reacted previously when entering this zone... bounced! we can see price is in this area again and that price has also failed to break a daily resistance the previous 2 days, so we are looking for downside movement from this area.
This is a strong level so we will keep a very tight SL to avoid loosing much at all if price does...
We have been looking at the resistance zone ( red box ) for a couple of weeks now ( if you see our previous USD CAD trade idea ) and we have been waiting for price to retest this level... price has finally done this today so now we are looking for movement down to our support zone ( green box )
Again we are keeping it nice and simple and not trying to fry your...
We have weekly resistance, strong daily trend line and price has been ranging in a zone for the past 7 weeks.
We feel price will break out the zone to the downside and break through the trend line making explosive bearish movement.
This is not a signal and we are not in this trade at the moment, but we will notify our VIP clients once this trade does become valid.
This setup is so damn simple and a lot of you traders will overlook it because of this reason as you have been programmed or told that a trade SETUP must be complicated when the blunt reality is that SIMPLE IS BEST.
Fu#k your so called mentors off if they are filling your head with this rubbish, check our previous charts on here and you will see how simple and...
1.32450 Has been used as strong support ( orange arrows ) and resistance ( purple arrows ) now we can see price is currently sitting bang on this level, do we think it will bounce or break? BREAK!!!
Because although this is strong support the last candle formed was a big bearish candle, and if we look on the monthly chart with the same level placed on it 1.32450...
Entered this trade on a pin bar / stop hunt that present itself yesterday morning. Entered on this pin bar and waited for news to hit. It was positive as suspected, my take profit was back down at previous structure and did actually push through this.
This pair is bearish for me looking at the weekly chart, strong bearish candle inside an ascending channel. Therefore bearish short term. A break of the lows inside the yellow box could run it down to 1.25500 support, but a pullback is needed first! Just be wary of double bottoms and tops being formed which are also apparent on the daily timeframe too.
Fundamentals:- The jobs data for the US was worse than expected and the unemployment rate notched up a little. However the Average hourly earning did manage a slight uptick. Canadian data showed progress in employment but Oil is down on the week.
Technicals:- We have a nice head and shoulders pattern formed on the 4 hour chart and Oil although is lower on the...
