> Price currently within the Daily support zone, price rejected at 38.2%.
> Wait for a break of the lower support zone with a potential retest before taking short position | |.
> 1HR and 4HR corrective structure before shorting again, potential for 38.2% to be touched | |.
> Might be a buying opportunity...
> Price currently within Weekly SWING resistance zone (January 2016).
> 12HR double top and bearish Doji.
> 1HR head and shoulders pattern. LS and RS rejected under resistance zone.
> Wait for a break of 1.6050 support | |.
> Wait for a break of ascending trendline | |.
> Price moving within a Daily corrective structure (corrective leg).
> Price created Doji candle at 38.2% Fib level, wait for a close below. | |
> Wait for a break of 95.00. | |
> Retest, Corrective structure?
> Price has two valid options.
> 1 Price has formed a daily Head & Shoulders. Price will have to break the descending trend (neck) line for bullish position. | |
> 2 Price broke the ascending trendline and retested before creating RS.
> Price broke support; now turned resistance, heading towards target support 99.00. | |
> Look for candlestick, and corrective...
> Price rejected double top pattern within ascending weekly bullish flag.
> Price broke through the lower quarter point (LQP) 0.7750.
> Price is currently bearish within a descending channel.
> Wait for retest at 0.7725 - 0.7750 (38.2% @ 0.7744) | |
NZDCAD short signal sent as pending order due to price action playing in our favour.
The trade has been boring, however it has stayed in profit. Will wait for price to break the trend line after being rejected by resistance line. The R:R of this trade is beneficial and can be scalped on its way down.