SXP did very well the last month and gave us >200% gains.
Hope you enjoyed the ride.
After such a rally and looking at the bearish divergence (price action against volume) it looks like we get a drawback before we aim for 5$.
Possible entry zone is shown with the box.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can
- Use Stop/loss for...
This pair has been pushing up with a lot of the news coming out about China changing their peg back to yuan, as well as the downturn of the markets that we've had with the corona virus epidemic.
We got a long wick right before the market closed last week which lines up with a kumo rejection on the daily chart.
For this setup I'm looking at a drawback back down...
The setup levels should look familiar as they match a previous breakout setup we had for USD/CAD.
I am looking for a rejection at this flat kumo level for a breakdown to major price structure support again.
It looks like we are already starting to form a bearish move down and I'll want to see it sustained with our normal ichimoku bearish signs.
If we fail to...
This is a pretty simple drawback setup that I have my eye on going into this upcoming week.
We've started to break tenkan sen support so I am looking for a drop down to kijun sen for a chance to get long.
Usually I am looking for a good wick to form through kijun sen with the body of the candle closing above it, but I will be watching all price interaction in...
