PAGuy
Long

Long at 92 Handle

FX:CADJPY   Canadian Dollar/Japanese Yen
83 12 0
Looking for PA to go long at the 92 handle as a double bottom has formed.
ForceFollower
2 years ago
I agree with the first arrow, but I'm not so sure about the second one. However, this would look like a nice rounded bottom, so this forecast is pleasing to the eye. :-)
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itaskar
2 years ago
the same like FF, target for double bottom was reached, in daily looks like double top, and possibly this was just neckline retest
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PAGuy itaskar
2 years ago
How can you see a double top on the daily? Would you mind making a chart and linking it here, so I can get a look :)

Thanks,
Adam
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itaskar PAGuy
2 years ago
yes may, thats what i see
snapshot
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PAGuy itaskar
2 years ago
Hmm, to me, that isn't really a double top. I don't really trade from EMA's, but I sometimes use the 20 SMA, and price usually makes a pull back to it, so I would be expecting a pullback to the 200 EMA, which is about the level at 94.
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itaskar PAGuy
2 years ago
i am not using EMAs as well pal, just check it sometimes, i forgot to make it invisible :)
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ForceFollower itaskar
2 years ago
I was also wondering, what you're going to show us here. :-)
What you can see on this chart is not a double top, but a formation that by some people is called "The Texas T", which is akin to the classic H&S. You've got a very good eye to have noticed it. Quite often, when the trend is done, price doesn't make a new high, it neither makes it to the top, it just stops and reverses at the alternate swing high, which is what you can see here. :-)
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itaskar ForceFollower
2 years ago
briliant, something new, now I see it...btw. try to put monthly timeframe, there is adam adam double top :)
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ForceFollower itaskar
2 years ago
Sorry, I must be myopic or blind, I can't see it. Would you mind showing it please? By "adam adam" do you mean the sharp tops derived from T. Bulkovsky's Encyclopeadia?
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itaskar ForceFollower
2 years ago
yes may, maybe adam and eva, anyway you know what i meant, monthly price was closed below neckline
snapshot
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ForceFollower itaskar
2 years ago
Sure enough. Just as you've written in the balloon: "price closed below". That's why some further decline may be in the offing. But nothing is certain. For example, for the Elliott Wave followers, we may just be in the process of completing the wave C that would complete the corrective wave 2, henceforth a new impulse wave, wave 3, may be about to begin.
However, currently I'm bearish about this vehicle until market develops a reason for me to make me change my mind. :-)
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ForceFollower
2 years ago
Fewer housing starts than expected in Canada in January don't seem to have any impact on the loonie.
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