Update: Debrief and Potential buy Setup!!
Red Vertical line: Previous week open
Green Box: Last week Price movement
WO: Week Open
MO: Monthly Open
YO: Yearly open
Week opened at 1.28111 level and moved sharply higher on Tuesday. This inefficient move probably caused by news (CPI m/m,Core CPI m/m & BOC Gov Poloz ).
The price went stagnant and found support at previous strong resistance area (1.29210) . I Updated last week they was a probability the market might move higher and hunt stops resting at 1.30023 level( Green X). I was waiting for price to show me indication to move lower, but it moved higher.
What i want to see going into next week for short term long setup:
1. Week opens and moves lower into 1.30013 level and finds support. I will hunt for bullish PA to get long.
2. Week opens moves lower blows through 1.30013 level and raids stops resting at strong resistance (1.29210). Wait for price to move higher and any
retracement look for bullish PA to get long.
3. If price continues to go lower below the MO level and setup not valid anymore.
Green Box: Last week Price movement
WO: Week Open
MO: Monthly Open
YO: Yearly open
Week opened at 1.28111 level and moved sharply higher on Tuesday. This inefficient move probably caused by news (CPI m/m,Core CPI m/m & BOC Gov Poloz ).
The price went stagnant and found support at previous strong resistance area (1.29210) . I Updated last week they was a probability the market might move higher and hunt stops resting at 1.30023 level( Green X). I was waiting for price to show me indication to move lower, but it moved higher.
What i want to see going into next week for short term long setup:
1. Week opens and moves lower into 1.30013 level and finds support. I will hunt for bullish PA to get long.
2. Week opens moves lower blows through 1.30013 level and raids stops resting at strong resistance (1.29210). Wait for price to move higher and any
retracement look for bullish PA to get long.
3. If price continues to go lower below the MO level and setup not valid anymore.
Comment:
In the hour chart, you can see nice rejection at 1.30478 level.
What i want to see going forward. Price to move lower quickly penetrating the 1.30478 level( weak long stops resting) into the 1.30013 level for a buy.