Currently standing are three levels of confluence, which are in line with our short sentiment this week. However due to the Price Action being indicative of a change in direction to the upside and a potential dynamic support provided by the 4hr-EMA we will be patiently waiting for the market to perform in our favour then enter as planned if price breaks above the channel we will look for a flag or a slight pullback to retest the channel then buy appropriately-that's if price moves against our sentiment. Watch the space for updates :-)
Comments
Trader_Dale
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Thanks for your great analysis!
Here is my view on AUD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see 3 main volume areas. The biggest one in the middle (around 0.9850) is POC - point of control of the year. It could be used as a magnet (place for profit target) for both of the positions.
Both the volumes around 1.003 and 0.972 made the markets move. Now I think that the market participants that created those 2 Volume clusters will still be active when the price reaches those areas again and move the price again.
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale
ForexPortal
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First off thanks for your input :-). I'd be looking to go long only if the short term resistance has been broken to the upside,but like I said earlier on I'll be waiting for the price to perform and I'll take the appropriate steps to enter a trade.
luisd
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your broad bear channel is interesting, but there are a couple of points that make me lean towards the opposite side: (1) the daily and H4 are strongly up attracting buyers below the current price. and (2) I think the trend line you draw is not parallel. In fact the parallel line should be broken? So I see a correction coming, as you suggest, but then buyers coming into the mkt and bringing the pair higher.
I would reconsider my opinion if the bears during the correction show they are particularly strong
Here is my view on AUD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see 3 main volume areas. The biggest one in the middle (around 0.9850) is POC - point of control of the year. It could be used as a magnet (place for profit target) for both of the positions.
Both the volumes around 1.003 and 0.972 made the markets move. Now I think that the market participants that created those 2 Volume clusters will still be active when the price reaches those areas again and move the price again.
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale