One of the strongest trends of the recent days have allowed this market to recover more than 61.8% of the last swing down (seen on a daily chart). Now 0.83 is in sight. It can be reached and breached, as such strong markets tend to test the upper median line parallel. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
Yes, that fork is also very useful. Although it is clear my expectations haven't been met. :) The CAD suffered a sell-off in reaction to the bad GDP data. Now price is quite likely to return to the median line of the fork you mentioned, but the up trend is not over yet, and I'll be looking to go long at the median line again.
itaskar
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yes, I agree, I see it the same, for now I prefer return to the median line, there I will go long
HexVex
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I've been waiting for a pull back to go long on this for quite a while. I guess we are having it now after awful Canadian GDP :)
ForceFollower
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Yes, Kerim. I like your approach. I've been doing the same, which was pretty much nothing... I got long as well. And short NC. That's all I'm in now. :)
ForceFollower
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I just wonder, if CADCHF is in the process of forming a higher low...
ForceFollower
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Here's my update to how I see it. I just wonder if the blue fork is going to reject price or admit it inside. :)
ForceFollower
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Price found resistance at the black median line. It seems to be following the black fork rather than the blue one. It's just got back within the up fork, but seems to be rejected. It's probably going to go down now to meet the green sliding parallel.