JCortes09

JCortes09

Backtesting USDCAD On 4H Timeframe Price is in a downtrend. Price prints (2)4H candles indicating retracement. Black Arrow=Loss Blue Arrow=Win Gray Arrow=BE

JCortes09

DOUBLE TOP AT TOP OF DESCENDING CHANNEL BREAK OF UPTREND TREND LINE SUPPORT BECOMES RESISTANCE SHOOTING STAR AT NEW RESISTANCE

JCortes09

Price seems to be retracing to *downtrend trendline *previous support (now resistance) *61% fibonacci retracement.

JCortes09

Price seems to have broken downtrend structure by breaking two previous resistance levels. Price is creating uptrend structure by making higher highs and higher lows.

JCortes09

Double top forming. Touched Weekly resistance. Will be opening sell position if price retraces to 50% of shooting star formation.

JCortes09

Will be looking to sell after price retraces up a bit.

JCortes09

Rejecting off 61% Fibonacci. Two bearish candles at 61%. Will open short position on market open.

JCortes09

Two Shorting Ideas.

JCortes09

Multiple rejections off downtrend trendline. Horizontal line might act as new resistance. 50% Fib Retracement lines up with Horizontal resistance.

JCortes09

Horizontal Line acting as resistance. Possible Fibonacci rejection off 61% Possible rejction off downtrend trendline.

JCortes09

BEARISH *USDCAD seems to be ranging on 4H time frame. *Look for price action confirmation for entry.

JCortes09

Bearish *Bearish engulfing candle on Weekly timeframe, closing below weekly support. *New downtrend is being respected. *Waiting for retest of downtrend which lines up with 50 and 200 EMAs *50 EMA lines up with 50% Fib. retracement on 4H timeframe.

JCortes09

*Price is at bottom of Monthly range. *Price has formed triple bottom off Monthly resistance on Daily timeframe. *Price has formed bullish hammer off Monthly resistance on weekly timeframe. *Long term trade 2-3 months.

JCortes09

*Expecting break of consolidation zone towards downside followed by price action confirmation to look for buys. *Price has bounced off trendline 4 times.

JCortes09

Price is rejecting off Weekly horizontal support turned resistance. Price is rejecting off 50 EMA. I will be joining the downtrend on the break of the inside bar low with stop loss above the high. (Inside bar strategy)

JCortes09

Price has bounced off Weekly horizontal support. Price has bounced off Daily ascending trend line. "Morning star" candlestick pattern on Daily timeframe.