Looking at Price action from the Previous two Months. In September, there was a break above 108.000 level but failed to support price. In October Price Found support at 105.000 , Managed to break back above that 108.000 Level.
Conditions for me to consider an entry have been met: Condition 1) If price previously failed to find support at 108.000. it will break below and find the next best (SUPPORT) Level before coming back up to Continue from this level. as these are some of the highest levels price has reached in a long time (5-10 years). (Immediate support is never a guarantee so at second chance i might consider)
(Condition 2) Double Bottom ( For Continuation of price.) These can be subjective. First (leg) bottom Found support at - 107.000. Second (leg) Bottom Found support at 107.500. Price is progressing higher and has found some form of support.
So i will be looking at a buying opportunity around 108.000 Level. SL: 106.950 TP: 111.000 1:3RR (Open to discussion on this and any pointers) is it a fake break ?
i also agree with u bro but mate cad rate hike is not acceptable.may be it will consolidate this week rhan may be up..cad is very boring bro...not worth
webster.robesten
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@MegaMentor, Yeah i get you , looking back it now it's a bit mad.
It definitely wouldn't be first choice, if a different opportunity were to arise.
but for the sake of learning as to whether is can go higher idk. what do you think ? and would your perspective be based on fundamentals too or just pure technical ?. almost end of week too so consolidation is likely you are definitely right about that .
MegaMentor
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i seek 3 sentimental than fundamental than technical in large time frame it is buying in the long run it will be jpy is in negetive intrest zone.also take it in mind. it should grow..❤️
webster.robesten
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@MegaMentor, ah snm snm, that's an approach that makes sense, i can see its working out quite well , seen some of your analysis ,pretty good stuff.