Long scenario on USD/CAD, which trend line will hold?
I don't know if it's just my luck but the past 2 times that I've analyzed this pair, price never hit my entry zone, so will price finally hit my zones this time?
Both analysis in the past utilized the lowest trend line:
Ideally I'd like to load longs at the lowest trend line (as I have tried in the past) but price may not get there. So, this time, we have 2 trend lines above where price can bounce so I'd watch these levels for potential longs. No set loading zone, just watch the 2 trend lines to see what happens and get in if it bounces.
Hard stop loss would be under 1.09 but that's quite a long way down from current prices, so you may consider adding to your position incrementally as price drops.
I don't really have any targets for the short term; long term, I'd like to see price up at 1.20 or 1.30 but that's a long way away.
Bigger picture, price was rejected above the 50% fib level (high 1.12XX region), so the bigger picture short might trump the short term long off these trend lines, so proceed with caution...
Both analysis in the past utilized the lowest trend line:
Ideally I'd like to load longs at the lowest trend line (as I have tried in the past) but price may not get there. So, this time, we have 2 trend lines above where price can bounce so I'd watch these levels for potential longs. No set loading zone, just watch the 2 trend lines to see what happens and get in if it bounces.
Hard stop loss would be under 1.09 but that's quite a long way down from current prices, so you may consider adding to your position incrementally as price drops.
I don't really have any targets for the short term; long term, I'd like to see price up at 1.20 or 1.30 but that's a long way away.
Bigger picture, price was rejected above the 50% fib level (high 1.12XX region), so the bigger picture short might trump the short term long off these trend lines, so proceed with caution...