so this has hit all time lows in price now taking a look at the overall price structure this could see some moves returning to the upside or could this still keep dropping ? and on the lower time frames its showing more likely that this could push up very soon. and overall we can see a nice clear pattern. i will wait for the first move up to be confirmed with this...
Starting to see a bearish flag pattern appearing from a falling wedge pattern. I will update once it's moved further through the week.
Just my analysis do with it what you please.
~ Apologies for the lack of uploading ~
Price has been in a wedge for sometime and finally broken out towards the downside. Price has made its first move up since moving out of the wedge and should begin to move downwards now. Price has hit previous S/R. Should be a simple move for a downtrend within the upcoming days.
CADCHF is within an upward channel. Recently reached the resistance line, broke thru before coming back down fast. Now we're seeing a rising wedge formation and expecting it to break below to the bottom of the channel.
There was a clear downtrend on USDCAD which may have broken out, thus confirming there is potential for a bull run to occur to the above mentioned take profit level.
*NOT FINANCIAL ADVISE* MERELY AN OPINION.
Daily price finally broke below and closed outside the wedge meaning a bearish trend could continue.
IF price retraces to the price zone THEN I will make a short entry on the pair.
Target 1 - 0.958 (R:R 2.37)
Target 2 - 0.952 (R:R 6.24)
Testing new strategy - same risk % overall but split into two trades. One low aggression and...
Feel free to ask me about my (TELEGRAM GROUP WHERE I TEACH PEOPLE FOR FREE)
Price as broken its wedge formation along side a re-test, GBPUSD is moving very slow today due to BANK HOLIDAY Monday, we are expecting price to take a push to the up-side through out the Asian market.
please feel free to leave some feed back I'm currently risking around 0.20% on this...
Evidently there has been a breakout of a channel which could allow for a potential long trade with a good R:R. Also there seems to be a bearish engulfing candle on the 4 hour time frame at a supposedly strong zone, but unlike previous rejections at that zone, the momentum to the down side is not as strong which may be confirming the bullish bias.
This pair is in a downward channel (240m) and price is currently at the upper resistance line as well as being at a previous strong level of support/resistance (red zone)
Short entry taken on the 2h timeframe as a hanging man candlestick pattern was formed at the upper channel boundary.
Looking to take partial profit at 129.6 (previous swing low) and let the rest...
Daily swing lows are increase in an ascending wedge formation with horizontal resistance at 70.15.
IF there is a break of this resistance level and then a retrace and retest around 70.15
THEN either buy order is triggered or buy
Target 1 - 72.35
Target 2 - 76.00