tonz_of_gunz
Short

USDCAD BEARISH PENNANT ON DAILY

FX:USDCAD   U.S. Dollar/Canadian Dollar
USDCAD             developed a bearish pennant on daily which is a continuation pattern and after last days failure to make a new high we could see the start of a big move down.
Comment: Boom! USDCAD breaks out of the pennant after it failed to make a new high as i expected, we should see some buyers stepping in at 1.28, if not 1.27 is the next level to look out.
Comment: USDCAD testing pennant breakout and should now continue down.
Sell will be better now?
Reply
tonz_of_gunz RaymondCcv
Well not from here, you could sell right on the bottom, maybe wait for some kind of retracement.
Reply
RaymondCcv tonz_of_gunz
Alright.(Y)
Reply
it didn't touch 0.382 retracement line so think of the possibility that it could go back to that level.
Reply
Of course, there is always that possibility but it looks like the move up is finished, we will see:).
Reply
this pennant could also be viewed as a corrective structure for the bullish impulsive leading into it, right? so you would consider a bullish break also?
Reply
No,only thinking about bearish drop. That "impulsive" wave its a clear abc and its inside pennant so no doesnt look like a correction for an impulsive wave up, at least not for me.
Reply
Thank you for your help.
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out