As you can see price is nearing channel top after breaking through important resistance. In spite of this and the fact that we have confirmed bullish kumo breakout as well, price has formed a rising wedge. Will it break through the top of the channel or do a great retrace?
Below is a closeup in 4H timeframe:
Keep your eyes peeled.
daily chart showing price pullback to prior support-high r/r for bearish continuation with multiple test of resistance 89.3x
mid time frame showing bearish wedge breakdown-solid momentum breaking out of wedge
monitoring price action on lower time frame to see follow-thru
tech sector looking weaker also
QQQ is consolidating after it's plunge recently, and we see a higher low coupled with the test (and break) of the channel high. I believe traders will try to push price back to the supply zone in red. Yesterday's breakout was met with selling, pushing price back into range. This presents an opportunity for buy on the dip next time the upward blue trend line is...
As requested by one of my Facebook page's followers, I've published a trading analysis for the USDCAD Forex pair.
As shown on the graph represented to you, the US Dollar-Canadian Loonie Forex pair has been trading on a rising channel for quite some time. Whenever the prices hit the top/bottom of the rising channel, a substantial fall/rise follows. That being...
This pair should face heavy resistance between 1.27691-1.27795, with a few key fib levels clustered around this area. This area has been a reliable support/resistance zone in the past.
The current rise is simply a pullback from the drop post-rate hike and this pair seems to be trading in a rising wedge structure. I am anticipating a break down of this structure...
I recently took several successful long trades on $EURUSD ( )
and I am still bullish on this pair, BUT I always ask myself "What do I see, what does it mean, what do I do based on those information?"
I see a bearish Bat Pattern on the daily timeframe and a rising wedge with bearish divergence on the RSI. This means there is potentially a good chance for a...
The corrective rising wedge broke out , scaled in, target up is 3100 + for this pattern for assured profit. Only some USD from ATH breakout for ultimate confirmation, Ichimoku cloud signals positive on each and every timeframe.
Since we are on a post-majorcorrection breakout, leverage is maximum.
1.618 Fibo of complete corrective downward retracement and fully...
Bearish on the EURCAD
Pattern Identification
Price went up to 1.5150 late last week to complete the bearish Bat pattern.
It also formed a rising wedge (reversal) pattern and broke below
RSI forming a bearish divergence
Trade execution
Took a short trade after price went below the lows at 1.4953.
Stops are still currently above the 1.50 mark at...
Hello traders, looks like USDCAD may break out of its rising wedge. As expected we are seeing some volatility surrounding the FOMC minutes but the pair seems to be consolidating below the breakout line. Breakeven at 1:1 with a nice R/R for final target. Cheers
Technichals :
Risign wedge coming to an end + daily MACD and RSI divergence (also confirmed in weekly).
We need a breakdown of the wedge to confirm short.
Entry: 1322
SL: 1390
Targets: 1230 (20%) - 1135 (60%) - 1030 (20%)
Fundamentals same as last attempt:
China crypto withdrawals frozen. They could be potentially about to be opened again. We'll have to...
