Hey Everyone
This is the last pair that I want to share from my Top 6 and Wildcards for the week ahead. Here on USD/CAD price has broken above the double top (1.37155) in which price has been stalling at this area for a couple of days. There is a possibility that price may continue to push higher 1.46691 area but we are focusing on the most recent price action and what we are getting as of now especially with the weekly candle closing with a pin-bar. Looking on the lower timeframe we have an expanding pattern with an ascending channel within rising to the third touch. Expanding patterns can act as a continuation but when in reversal territory, it can be a sign of reversal, especially when we have reversal structures within like this ascending channel. In this case if price demonstrates exhaustion leading to that third touch, I will look for a 1h rejection and or pin-bar to risk entry this. I will also be looking for the flag scale in for a reduced risk entry.
This is the last pair that I want to share from my Top 6 and Wildcards for the week ahead. Here on USD/CAD price has broken above the double top (1.37155) in which price has been stalling at this area for a couple of days. There is a possibility that price may continue to push higher 1.46691 area but we are focusing on the most recent price action and what we are getting as of now especially with the weekly candle closing with a pin-bar. Looking on the lower timeframe we have an expanding pattern with an ascending channel within rising to the third touch. Expanding patterns can act as a continuation but when in reversal territory, it can be a sign of reversal, especially when we have reversal structures within like this ascending channel. In this case if price demonstrates exhaustion leading to that third touch, I will look for a 1h rejection and or pin-bar to risk entry this. I will also be looking for the flag scale in for a reduced risk entry.