FX_IDC:USDCAD   U.S. Dollar / Canadian Dollar
My long bias comes from briefly viewing the bigger picture i.e daily, weekly etc which displays clear lower highs and higher highs so in turn very bullish sentiment.
I have then zoomed into the 4hr and found a very simple setup.
Price has made continuous HH and LH within the ascending channel and broke the first counter trend line retested made a higher high than came to retest the line again in confluence with the longer term rising trendline and 61.8 fib level which I have highlighted on the chart.
An inverse H&S continuation pattern looks like it is forming (3 highlighted areas) and a break of the neckline and decent price action would warrant my entry to get in on the action of this very bullish trend in which a new higher high is due.
Not the tidiest of setups however looks like it could play out to be a very effective one.
sorry wrong heading i meant USDCAD
Can you recommend an entry/target/stop-loss too?
cashcowaj timwest
If you have an aggressive approach you can wait for bullish price action to present itself around the ascending TL @ 1.32 level with a stop @ 1.31 level
however what I will recommend is a break of the neckline (previous high) a retest then I will give a more specific entry and stop loss in confluent with market conditions
My target will be the 1.36 area which is in confluence with monthly resistance levels and the range of the H&S pattern however I will definitely recommend trailing your stops as the position moves in your favour towards that target or you can leave your stop and be conservative which ever suits you best
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