Update: No signal for long entry yet. Sitting on the sidelines.
Well price is finally creeping towards the lower bound of the channel price has been travelling within. I'm looking at the .618 Fib Retracement (Also where 100 MA support lies) for any signs of Daily candle signals of a long entry. The area between the 50 / 618 Fib levels has proven key during the past two times that price has tested to the lower bound of the channel.
Targets for the trade if entered will be the following: 1 = The physiological high and round number 2.0000 2 = The -27 Extension at 2.0400 (I prefer to put TP at the round number near the extension.)
Stops if entered will roughly be around the 1.8840 area.
Happy Trading traders! Feel free to put your own input in the comment section. =)
Comments
IvanLabrie
⋅
Now we're at support it seems.
Daniel.B
⋅
Yea its definitely testing support, but still no long signals for me. The same as Technician I'm waiting for a Daily candle hammer, doji, engulfing to signal an entry long. Preferably a hammer or doji though.
Different strokes for different folks...there's very limited downside here.
buckleforex
⋅
Daniel FWIW, we're back above the 100 Day MA. A good sign.
Daniel.B
⋅
Yea monitoring it! We might get our signal to enter long by the end of tomorrows US Session! =)
Daniel.B
⋅
Thanks for posting the chart on here! =)
jangseohee
⋅
Hi Daniel, good eye on the daily trend channel
but i have another weekly channel support waiting at the green, if the daily channel breaks down.
until then i could be totally wrong :-)
Daniel.B
⋅
High thanks for the kind comment! =D
And thanks for posting the Weekly Channel on here, as I hadn't noticed it! =D Lets see how it pans out
Technician
⋅
Yep very similar to GBPCAD structure.. Would love to see a hammer here
Daniel.B
⋅
Yea same here Tech, would love to see a doji or two, or a hammer. None yet seems as if it wants to breach the levels