We can see on the daily TF that price has now hit this descending TL for the third time, where we are at a structure level, 38.2 fib level and the 50EMA acting as support. With a confirmed entry being on the 4H TF (huge Bearish wick)
Good Day Traders, I hope all is well.
These are my thoughts for GBP/CAD.
After a strong and lengthy downtrend price has begun to exhaust and has found a strong level of support. The market is creating a series of downside wick rejections on the 1hr and 4hr timeframe , indicating strong buy pressure.
Advice:
Stop trying to always being right. I myself have lost...
1) Price has reached manjor support on the longer term charts
2) Price has broke the downward trendline and now broke the 0.6706 price level
3) Price looks like it is retesting this zone
1] If price rejects this zone then price may be driven to the upside
Looking for a Long (Buy) trade. Risk to reward is roughly 4 so it is favourable.
For my free shorter term...
Gold has broken a flag for continuation to the upside. I would be looking for it to come lower to retest the demand zone and with new orders filled, see gold rocket to the upside
Expecting GU to move down to complete it's retracement leg based off of Daily timeframe.
Awaiting for the big Bullish breakout
Personally I will go with the flow in lower timeframes.
Bitcoin (XBTUSD,BTCUSD) got strong support in a violent way, out of many people's exception. Whether it was manipulated by whales or not, a Demand Zone is out there: 9100 - 9500.
Signals:
Double Long Wicks in 1H
Blue in 4H Ribbon of "9 Seasons Rainbow Multi TimeFrames Pattern": which indicates strong support
Expectation for Later move:
66.6% The Support will push...
EURUSD has reached a major resistance level at 1.24382 price level. it had consolidated for almost 2 days showing countless rejections when price tried to go bullish then price had dropped down to the 1.23313 support price level. Price had started to go bearish however it went back up for a retest , I'm hoping that price would go down towards the 1.22284 Support level!
