on the 4H chart we have broken the neckline on a smaller head and shoulders pattern which here on the daily chart has been completed in the right shoulder on a structure support area. This pattern has not been confirmed yet as the neckline still has a while to go, but the 4H chart does confirm to me we will see some upside so the completion of this larger pattern...
With a break above a trenline, I'm biased on a continuation upward. Cheaper oil, NAFTA uncertainty, and tariff disputes are driving this push up. I have a small long position open, but am expecting a retrace to the 1.305 -1.31 level which is the location of the trendline, 30EMA (green line), and 200MA (blue line). Ultimately, my target is 1.329.
NFP may throw a...
UC triple confluence
Retest of major weekly support and retest of major monthly broken downtrend and retest on weekly uptrend support , reversal hammer close on weekly, we look for possible retests next week before ascending to 1.33-1.35
Today's move was fascinating. Price targeted a previous resistance area (.50% retracment) and as of now was rejected. There is massive divergence on the daily chart. If price moves above previous daily high this trade becomes invalid.
Here is some simple analysis for the USDCAD Daily.
These blue levels are some ''Obvious'' levels that could cause a bit of fluctuation in price and therefore some LTF Setups.
I will pay close attention to these levels purely for their significance on the daily chart, These levels could be possible for stophunting or give setups in terms of reversals but...
Bearish harmonic spotted on USDCAD. Weak price action and lower highs. Entered short.
Targets are labelled.
Please use a stop loss and appropriate risk management.
Remember to always trade responsibly.
Good luck! :D This universe has no boundaries.
In July a new MPP was drawn.
Currently it is the situation that it will rise again with the support of new MPP (P) 1.31266 neatly.
Even if looking at the weekly chart, It have been slowly raising it for nearly 10 months.
As a provisional up trend, I'd like to simply place a long.
<< tactics >>
1) MPP (P)...
Entry - 1.329
Take Profit - 1.32 - 90 pips
Stop Loss - 1.33575 - 67.5 pips
I don't usually like to trade against the trend, but the reaction following the CAD CPI/retail data has me thinking it's time for a correction. The price jumped off of terrible data, but fell back below my significant level of S&R (1.329 - light blue line). The long wick on the weekly...