USDCAD Weekly review, trading plan for a begining of the week
Price direction on a Quarter chart is up, as a new higher high and higher low appeared (price direction is not the same as a trend direction),
Last quarter's close is above 5MA what gives a bit more power to bullish signals
Currently none of the major chart patterns appears (Quarter)
Price is currently at 61.8% Fibonacci retracement area
in a relation to previous swing Down
On a weekly chart we have a bearish chart pattern
Price is currently at 161.8% Fibonacci retracement area (Filtered to weekly timeframe)
in a relation to Previous swing UP
Will look for a bearish short term entry setup (based on weekly chart, this type of trade will be left open for a few days) at around 1.3100
On a 1D chart we have a bearish chart pattern
Price is currently at 38,2% Fibonacci retracement area (Filtered to 1D timeframe)
in a relation to previous swing Down
Will look for a bearish short term entry setup (based on 1D chart, trade will be left for Hours, but position will be closed in parts and using a trailing technique, will try leave it open for a maximum period possible) at around 1.3100
In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, I will be looking for a selling opportunities coming week.
"P.S.: Sometimes you can see opposite opinions in my analysis. Please don’t rush to complain. It is happening due to a different timeframe analysis. As an example - If I have a buy signal on a quarter chart (3m), it doesn’t mean I have no selling opportunities on a Daily chart or on a 1H chart."
Last quarter's close is above 5MA what gives a bit more power to bullish signals
Currently none of the major chart patterns appears (Quarter)
Price is currently at 61.8% Fibonacci retracement area
in a relation to previous swing Down
On a weekly chart we have a bearish chart pattern
Price is currently at 161.8% Fibonacci retracement area (Filtered to weekly timeframe)
in a relation to Previous swing UP
Will look for a bearish short term entry setup (based on weekly chart, this type of trade will be left open for a few days) at around 1.3100
On a 1D chart we have a bearish chart pattern
Price is currently at 38,2% Fibonacci retracement area (Filtered to 1D timeframe)
in a relation to previous swing Down
Will look for a bearish short term entry setup (based on 1D chart, trade will be left for Hours, but position will be closed in parts and using a trailing technique, will try leave it open for a maximum period possible) at around 1.3100
In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, I will be looking for a selling opportunities coming week.
"P.S.: Sometimes you can see opposite opinions in my analysis. Please don’t rush to complain. It is happening due to a different timeframe analysis. As an example - If I have a buy signal on a quarter chart (3m), it doesn’t mean I have no selling opportunities on a Daily chart or on a 1H chart."