You have to be careful and analyze the price action before making the decision. We must think that nobody knows what will happen. I'm just trying to put the odds in my favor. Then the price will do what it has to do. So let's see what happens.
Over the last two days, CAD pairs have started to show strength causing the index to break above a descending trend line. Price seems it is still respecting the months long range this chart has been in. I'll be watching for CAD strength to show in the pairs. As the Index moves to the top of the range, new trends could form.
We can see a clear triangle break to the downside. Price is now retesting that key level and will most likely reject it for a move to the larger timeframe trendline!
Then we might see a bounce off that more important trendline up long term.
Trends Momentum Divergence - Checklist
1 – Clean Chart : Clear direction in the market reflected by a long and thick cloud
2 – Trends Momentum Divergence : Price below/above the base line while the cloud is bullish / bearish
3 – Entry Zone and Flex Stop Loss : Define your entry zone and flexible stop loss based on support and resistance
4 - Hard Stop Loss : Place...
Hello Tradingview... Here we have a multi year inverse head and shoulder pattern that has broke out to the upside. I am posting slightly ahead of schedule as the monthly candle has not closed. In anticipation of the candle closing above the neckline we can position ourselves in this trade early.
I have zoomed in specifically to this decade long consolidation...
There is 1:4 potential in this. Both, the channel and most obvious and highlighted supports have a history of working 2 years back plus. I think, the volatility and momentum might push the price down enough to open a very profitable long. You can also check my new Underworld Hunter indicator, that points out how strong the volatility is now. It really might do...