We see a clear rejection off the 127.2 extension on UCAD, looking for short back down to the 61.8 level to meet back with trend line. From there we will see.
DXY is ranging just above the 38.2 with a lot of upper wicks. It has formed a left shoulder and head so far, so it looks on track to complete a right should for the remainder of the summer and then a move back up to complete the H&S pattern.
looking at the dates for correlation, both pairs seem to meet at the same date to rally back up.
So what's the coefficient between dxy and usdcad ?
Danny88312
⋅
Hey there, (sorry if stupid question) how do you achieve the 127.2 fib level because the trend-based fib extension level on trading view just goes from 1 straight up to 161.8 and so on. When i try to alter it so i add in the 127.2 level too, it just messes up the tool. I would be grateful if you could offer any advice!
But on the Fibonacci Retracement function you must go into the setting under style tab. There you will see all the various levels that are offered, in the first column you will see your standard 0 - 100% as well as the 1.618, and then in the second row of options you will see they are not in order, but the 1.272 and the 1.414 levels will be near the middle of the second column. Click those on and then you will see the extensions added onto the indicator on your chart. To get the extensions on the lower end, you will need to start at the bottom of the uptrend where your 100% will be and extend that trend line to the top to get your 0% retracement.
For the Fibonnaci Extension function, it is a little different how you will need to set it up on your chart, but the one i just explained works the exact same if you just add in the extension numbers to it.
TheCaffeinatedTrader
⋅
I hope this helps solve the issue you are having by the way.
Danny88312
⋅
@Kurtis705, Thanks for your help man! Helped a lot XD