Expect for a price breakout Buy above : 1.3208 Sell below : 1.3187
TP is represented by the green arrow @ 1.3041, SL to be placed above the recent swing high by 10 pips
Your comment and feedback is HIGHLY APPRECIATED. Thank you! USDCAD is heading to quite volatile week ahead with important data from US ( NFP, ISM, Unemployment) and CAD (GDP and Unemployment) with bearish stated after closing the week with Pin Bar below 55EMA. Not to mention that Pin Bar on Weekly chart is also suggesting that bears might take the control over...
Considering the momentum of the bullish trend I would wait to see strong confirmation to go short. Last couple of H4 candles seem to be interesting. Lets see if the market would give our entry.
Price entered sell zone. It is an Asian session now. Move to 1min to look for bearish reversal after London's open. Enter short position on 1min chart if: price crosses 200ma to the downside and there is a clear bearish pattern formed
Notes on Chart
...as a result of my previous posts... Testing trend line for second time; Again in similar conditions – overbought at trend line; We have upside AB=CD pattern and market already has passed its minor 61.8% fib extension. Minor bounce down is possible, but should not be too significant. Safe Trades
A close below 1.21700 should hopefully see price back down at May lows of 1.19400. Violation of this support level could see price continue down to December highs at 1.15800.
With a double top already confirmed and validated, retracement, after tested structure, also reached the 61.8% zone. A move down is expected.
Something to support my pattern based on previous structure of USDCAD.
Why I think it's going to form a cypher? Look left to the structure. for details on structure
It might going up towards 1.2378 or 1.2480 area based on previous support before continuing it's way back down. Further movement lower than A might lead to a new pattern
Currently seeing a retracement in PA following a breakout of a long-term rectangle pattern, shorter term descending triangle pattern. Looking for a retracement back into the 1.24000 SR zone (strong weekly and daily SR area), which would not only see a retest of the breakout resistance area but would also test the 50/61.8% fib levels. An ABCD pattern would put...
Here is an almost perfect head and shoulder setting up on the daily time frame, it can be used as a guide when trading smaller time frame.