NZDCAD on a double top at the 0.618 🦐
NZDCAD on the daily chart after the recent lows retraced exactly at the 0.618 Fibonacci level near to the 0.88 level.
The market ended up creating a perfect double top and is currently testing a weekly support.
How can we approach this scenario?
Being both the double top and the 0.618 potential reversal point we will wait for a possible break below the support area and in that case we will move on the 4h timeframe to check for a possible entry point.
According to Plancton's strategy if the conditions will be satisfied we will set a nice short order.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
The market ended up creating a perfect double top and is currently testing a weekly support.
How can we approach this scenario?
Being both the double top and the 0.618 potential reversal point we will wait for a possible break below the support area and in that case we will move on the 4h timeframe to check for a possible entry point.
According to Plancton's strategy if the conditions will be satisfied we will set a nice short order.
----
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
Comment:
the market is following my idea and currently breaking the weekly support
