-daily rejection candle formed
-hitting rsi resistance on the daily chart
-long overdue a retrace back to the 100 point sma
-bounced off the weekly resistance at 1.34
-i was late on the entry hence the larger stop loss.
-confluence of two fibs
-combined with hitting of a resistance line
-the two factors left for me are that the rsi hits resistance on the line drawn and that
the API weekly pushes price up to 52.52 where it may fall from there!
- stop loss set just above the 886 fib at 52.90
Trade with care
each time USDCAD broke the inner uptrend of the channel it retraced back to the 786 fib before continuing further down. assuming it will do the same again with the help of indicators and a rejection needle to confirm it it should retrace to the green zone which hits a major 618 fib - 786 fib zone.
trade with care :P
- i missed the initial break of the downtrend but placed a buy with stop losses just slightly below the channel support
- rsi is emerging from oversold
- expecting a 618 retracement before any further upward movement.
- currently in profit with stop loss exactly on 1246.50 which is where i managed to buy.
-Hit 786 fib retracement and created a rejection needle at 1246.45
-at initial 14 point crossing 50 point price retested the decreasing wedge pattern
- price should break through 100 point (red) average on next intersection between 14 point and 50 point which indicates...
reaching a major resistance point the price line at 45.17 was rejected and the price came down with a red candle and long wick to indicate for a potential short position at 45. I expect it to re test support at 42.
-RSI mixed to bearish
-45.69 reached 0.618 retracement
-previous support now resistance at 45.17-45.71
RSI is oversold, MACD is nearly at its peak when compared to previous turn overs on the 4 hour and daily charts, price is about to hit the bullish trend channel's resistance and if there is a rejection then we may see it drop to 49.80 before a reversal happens for a potential long position.