(USDCAD) Daily and 4hr - speculation and analysis
Daily -
We have a ascending broaden wedge and a broken trend line ( light blue line), I honestly expected nice bullish movements after the broken trend line but that didn't happen due to retracement in USOIL and weakness in DXY due to rate hike delay.
The retracement in USOIL is over now and we are heading down once again, also DXY has been forming a very nice bullish status in the past week.
With the current information we have, we reach the conclusion that the up trend I was expecting about 3 months ago might have finally arrived.
We need to get out of the current consolidation ( purple box) to confirm the bullish trend.
We know that the ascending broaden wedge is normally a bearish formation, but am expecting another leg up before we head down for a very long term.
4hr -
We have broken the consolidation in the 4hr, but not in daily, this put us in a uncertainty of what next week brings.
If we do break the the yellow trend line then we shall head down to the bottom of consolidation box, if not then the up trend we spoke about is intact.
Liability Disclaimer : All trades posted here are my personal view of the market.
If your planning to use them as signal, do your own research first and you are responsible for your own entries, exit, profit and loss management.
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We have a ascending broaden wedge and a broken trend line ( light blue line), I honestly expected nice bullish movements after the broken trend line but that didn't happen due to retracement in USOIL and weakness in DXY due to rate hike delay.
The retracement in USOIL is over now and we are heading down once again, also DXY has been forming a very nice bullish status in the past week.
With the current information we have, we reach the conclusion that the up trend I was expecting about 3 months ago might have finally arrived.
We need to get out of the current consolidation ( purple box) to confirm the bullish trend.
We know that the ascending broaden wedge is normally a bearish formation, but am expecting another leg up before we head down for a very long term.
4hr -
We have broken the consolidation in the 4hr, but not in daily, this put us in a uncertainty of what next week brings.
If we do break the the yellow trend line then we shall head down to the bottom of consolidation box, if not then the up trend we spoke about is intact.
Liability Disclaimer : All trades posted here are my personal view of the market.
If your planning to use them as signal, do your own research first and you are responsible for your own entries, exit, profit and loss management.
Mongers Kit
---------------------
Mongers Kit is complete traders toolbox, with all the data and news you need to have successful trades. Mongers Kit is packed with features such as :
1) order flows in real time.
2) current open positions from 4 different brokers.
3) real time news update.
4) TV and Radio to your favourite channels (Blomberg, CNN, ABC, etc).
5) Dynamic sessions - see all the rises and falls in each session.
and much more, get your kit now at www.mongerskit.com
If your my follower, you get 20% discount on your purchase of Mongers Kit.
Contact me for more details.
Comment:
Looks like we are heading upwards as expecting, we need a daily close above the consolidation area ( purple box ) to confirm.
Comment:
setting SL at 1.31000
Comment:
progressing nicely and slowly.
Comment:
longs still doing fine.
Comment:
Settling SL at B/E now, so if it hits, its break even
Comment:
this is starting to look nasty, am closing it with 45 pips.
Trade active:
Long, we have reached the end of trendline.
Comment:
we about to break the line. watching