USDCAD - Intraday - We look to Sell at 1.3185 (stop at 1.3220)
Bespoke resistance is located at 1.3185. Closed the day little net changed. Buying posted in Asia. We have a 38.2% Fibonacci pullback level of 1.3173 from 1.3433 to 1.3013. A sequence of weekly higher highs and lows has been posted. There is scope...
As you can see from my chart I'm anticipating #USDUSD to decline 32 pips to 1.3004 with a risk to reward of 2:1 .
Reason being is because we are still bearshish with a lot of seller in the market, intraday S&R has been broken & many more key factors.
Lets see how this trade plays out!
USDCAD - Intraday - We look to Sell at 1.3144 (stop at 1.3179)
3 positive daily performances in succession. The move higher is mixed and volatile, common in corrective sequences. The 161.8% Fibonacci extension is located at 1.3035 from 1.3565 to 1.3238. The previous swing high is located at 1.3145. Bespoke...
USDCAD - Intraday - We look to Sell at 1.3146 (stop at 1.3186)
The medium term bias remains bearish. A Fibonacci confluence area is located at 1.2710. Price action has formed an expanding wedge formation. The 161.8% Fibonacci extension is located at 1.3036 from 1.3565 to 1.3238. Expect trading to remain mixed...
Oil prices bumping up, recent geopolitical crisis
Look at CXY (Canadian dollar index) prices seem to be off major demand zone
Looking to revisit broken upward sloping trend line
Short from 1.34 potentially
Wait for price action to confirm
USDCAD - Intraday - We look to Sell at 1.3140 (stop at 1.3175)
Closed the day little net changed. Buying posted in Asia. Previous support located at 1.3068. The sequence for trading is lower lows and highs. Bespoke resistance is located at 1.3140. The rally is close to an exhaustion count on the intraday chart....
Although USDCAD has posted two ‘Inside Days’ (which highlights indecision) there is no clear indication that the selloff is coming to an end.
Bearish expanding wedge on the weekly chart with a DeMark 13
Broken the wedge formation on the daily chart
Intraday chart is holding inside a corrective channel
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.
Our next area of support comes via our red box, this area has been used as very strong support and resistance in the past and this pairing respects key levels very well, this is a very good pairing to study if you are new to trading.
So where our next support level lies price should also meet a strong trend line, we will be watching price very carefully around...
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...