USDCAD has retraced almost back to Daily Support and is balancing just ahead of the Support Zone. These Balance Area's make for good Breakout trades. Balance areas are simply just Accumulation or Distribution (we don't know which one it is until the market tells us, which is done by breaking out).
This trade will be valid which ever way it breaks. I would think a...
You're going to be breakout trading.
Follow the trend 'till you see reversal.
Fibs an old highs and pools of liquitiy are likely places to see reversal, so keep your eye on it.
*Warning, Forex trading is high risk, always use a stop*
I'm going to place my stop at break even, and make it move with the trend as it progresses.
Here we have some very simple USDJPY analysis.
I have a bearish bias on this pair however due to price sitting at around support currently I have provided a long scenario target.
As we can see from the analysis USDJPY has successfully broken below what was a Major Monthly Ascending Trendline. The short term trend is also bearish on this pair. Taking all this...
VTCQ is coming off a great day despite the markets getting hammered. It's in a nice consolidation phase and looks ready to breakout. Bar Chart analyst rate it a 60% short term buy. The company just signed a huge distribution deal earlier in the week as well.
USDCAD has had 9 Straight days of Advance and has been VERY Bullish. It's currently in a nice Rising Channel. The Balance Area at the highs looks like Distribution to me. A lot of times this is a "topping pattern". So, I'm waiting for a Break & Close out of the Balance Area (Yellow Box) and will enter a short position.
Stops - Will be 1 ATR above the Breakdown...
I think there will be a break out to the upside for the GBP against the CAD.
around the 2.05 mark there was once resistance which is now kind of a support area. There is a big pair of tweezer bottom candles on the 12th and 13th January.
there is a long trend up - and some consolidation around the 2.06 point where I entered.
Price forming into the point of a...