Lets take a quick look at a potential ENTRY area for USDCAD.
This market is moving nicely to the downside and we just got even more SOLID confirmations for continued sells.
TAKE A LOOK!
After seeing GBPUSD break its bullish trendline and then having a strong sell off, we can currently see gbpusd at a strong level of support.
This can cause GBPUSD to correct heavily seen here on the daily timeframe (minimum 38.2 fib ratio.)
With confirmation i will be looking for STRONG BUYS.
We can see how CADCHF respected the highs of its range!
With the trendline break it will bring in new sellers driving the markets to our targets 1. I will be waiting for the outside of the trendline to be respected and used as confirmation alongside FIB confluence to trigger our entry.
We can currently see EURNZD at the range high, if it continues to respect this level we can find strong sells from this initial area!
Lets wait for bearish variation candles, and lower lows to be made to signify the reversal
a VERY different outlook on the markets!
We have clear momentum to the upside and should have found the end of its correction!
Time to see if EURUSD can FLY FROM HERE!
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CAN YOU SEE WHAT I SEE?
MARKET CREATING LOWER LOWS SHOWING STRONG MOMENTUM TO THE DOWNSIDE.
CONFLUENCE OF THE 61.8
RETEST OF PREVIOUS BROKEN STRUCTURE
WE WILL WAIT FOR FURTHER CONFIRMATION SUCH AS BEING PATIENT AND SEE IF IT MAY ALSO RESPECT OUR BEARISH TRENDLINE.
LETS SEE WHAT HAPPENS!
WITH A BREAK AND RETEST OF OUR TRENDLINE WE CAN SEE A MOMENTUM SHIFT AND START SEEING THE DXY REACH VERY FAMILIAR HIGHS!
WITH THE CONFLUENCE OF GOLD LOOKING BEARISH SEEN IN MY LAST CHART WE CAN WITHOUT A DOUBT START TO SEE THE DOLLAR RALLY HIGHER! (IF TRUMP CAN STOP !@#$ UP)
After stalling for a bit usdjpy has shown its true nature and has made its decent! From this current level i will look for another extension lower!
KEEP TRADING SIMPLE!!! Find your areas of structure, identify everything within that price zone!
MOney is made at the re test!
As USDJPY breaks lower, and DEMOLISHING its bullish trend line, we can see:
1)Retest of broken trend line
2)Re test of broken support which is new found resistance
3) 78.6 Fib Ratio correlation
Next step?!?! ENTER SHORT!
