FX:USDCAD   U.S. Dollar/Canadian Dollar
295 34 7
AFTER YESTERDAY'S BEARISH ENGULFING D1 CLOSE.
WE SHOULD LOOK FOR SELL ON ANY PULLBACK.
HERE IT IS, BEARISH PIN BAR SPOTTED ON 30MIN TF @ 78.6% OF YESTERDAY'S MOVEMENT.

JUMP IN FOR A SELLING OPPORTUNITY WITH STOPS ABOVE 100% AND AIM FOR AS LOW AS YOU WANT.

D1
snapshot
NZDUSD: Market is coming back into previous broken support which should act as resistance.
Reply
thank so much
+1 Reply
Yesterday's D1 close above 1.3000 pysch round number key level. Im considering the possibility that it is a false break. To confirm the false break, today's D1 must close below 1.3000. H4 shows bearish pin bar with RSI divergence.
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+1 Reply
moneymaking PriceActionTrading
Hey Price, ya I was also looking at that 4 hr pin bar. We did get a daily close above the 1.3000 round number. But the monthly top is 1.30632, as pointed out earlier by Ivan. This is a tricky situation, it did gave us a daily close above the psychology round number but it hasn't reached the monthly high yet. What do say mate :)
+1 Reply
I say sell if it closes below 1.30 on H4 minimum. The close above 1.3 is not backed by any fundamentals or technical findings. The RSI divergence on H4 shows much about the lie it is trying to put out.
+1 Reply
moneymaking PriceActionTrading
I only take RSI divergence seriously when the market starts to break structure. Take S&P 500 for example, the RSI (7,close) has been diverging since 1996 on the MONTHLY time frame. Until the market starts breaking structure, this divergence will keep on going.

Therefore, we MUST take structure into account when identifying RSI divergences.

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+1 Reply
moneymaking PriceActionTrading
I am likely to sell USDCAD once the market breaks and close below the blue zone marked in the chart below. What do you think Price OR Ivan?

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+1 Reply
Thats alright. Very conservative. Valid sell.
+1 Reply
moneymaking PriceActionTrading
Would that be too late to enter into a short position according to your analysis?
Reply
That would be too conservative.
I would sell at a retest of the H4 pin bar once price closed below that pin bar.
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