USDCAD this is a nice place to enter for a short.
stop loss should just be above my blue line.
FOR THOSE THAT have been keeping tabs with
my analysis, you should have made lots of profit on this pair. :)
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MACRO TREND IS BULLISH, HOWEVER TREND IS NOW CLEAR DUE TO THREE HIGHS HITTING THE TREND-LINE WHCIH MEANS A REVERSAL IS IMMANENT. I EXPECT THE MARKET MAKER TO CONTINUE CONSOLIDATION TO THE TREND LINE TO BUILD ORDERS THEN SEND A STOPHUNT -25 PIPS FOLLOWED BY A REVERSAL OF THE MACRO TREND. WAIT FOR A STOP HUNT AROUND 30 PIPS BEFORE ENTRY.
-We've reached a price where several fibonacci levels confluences from different timeframes.
-We have a historically strong support and resistance level.
-At this current level we see a double top being formed on hourly.
Depending on rules, there's also a big bearish gartley pattern completing its D leg at this level.
Preferably, I'd like to see a break to...
EURUSD - Short with target 1.1330 followed by 1.1290. Stop loss above 1.14
Momentum has turned bearish with several clues:
RSI lower lows
candle bars lower closes
shooting star candlestick on the last hourly.
Simple, will it hold?
Double top followed by 0.618 retracement after the break of the "v" point of the tops.
This also coincide with the highest high (opening) of candle seen 2017-04-23
Makes nice structure, the V point together with the opening high, and the 0.618 fibonacci.
Lets see where this bus takes us. Two targets set up.
My reasons for entry:
9 daily rejections, not counting the previous top 27/2 makes this case interesting. The inverted hammer after the double top formed tells me that we have a potential fall to the downside to profit from.
A series of lower highs, inside a big triangle / wedge (see daily or even weekly timeframe) we could see a bearish rotation down to the bottom of the wedge.
Coming from a historically strong and significant resistance area (1.2555) I see a potential bearish ride down to 1.2300 and possibly further. While venturing down I'm looking to lock profit after passing...
Looking at the 4 hour chart we have found resistance at historically strong support and resistance zone. Price did not manage to close above 1234.00 despite several attempts. Right above us we find a 0.618 fibonacci retracement.
Looking down at the hourly we also see a 2618, a double top (which also can be seen on 4h) followed by a 0.618 retracement after...
We have hit a historically strong and stubborn support & resistance zone, a psychological round number 1.2400, a 0.618 fibonacci retracement of X-A, and our momentum has been weakening - and even broke to the downside.
Now its time to jump on the bear train again! Or at least I am.
Targets are marked on the cart, with a potential zone which we may very likely...
Following up on last weeks successful prognosis ()
I now enter a short position, aiming for 1.0620 with first target at 1.0700.
This is could however be a decision point for entering a strong bullish move, but I use the double top forming at B (see historically...
We have run into two different things here.
Firstly we have the 1.0700 psychological level where price seems to have found resistance.
Secondly, we have a 61.8% fibonacci retracement of Z to X.
Combined with these two we are currently in overbought condition.
I'm looking to profit from this breather with a rather tight/risky stop loss.
Will the bouncing continue?
We see a clearly defined, triangle-narrowing movement on this pair as we're respecting both structure and trendlines more and more lately. We're heading into a triangle, and price-action seems pretty determined.
IF it continues we could pick up some profit on the way. It might aswell be a trap, with a break to the upside.
A setup with two targets, triggered by the 0.618 retracement of the double top. And, the retrace also runs into our falling trend line.
First target - retest of previous low.
Second target - above historic support level
Feel free to ask if somethings on your mind, I'm as transparent as can be.
I do not recommend using my charts and ideas as a signal to...
We have a structured based opportunity to get short.
Overbought condition while hitting a clear structure zone which should act as resistance. As a parachute we also have a falling trendline which should protect our stop loss.
Decisive bearish candle acts as my signal to entry.
Target historical support level