triangle pattern, waiting for breakout. Will it break the triangle and can we look for buys upside, or will it break the triangle downwards and can we look for sells or buy stops
USDCAD has the potential to decrease price once TP1 has been met. at the TP price, price will either break the upwards trend and decrease in value or bounce back and continue going up. all fib requirements have been met.
We have looked at the 4hr/Daily time frame to give wider perspective on what price is doing throughout support and resistance boundaries
I...
Reasoning for sell
1) Price has failed to break resistance zone and has shown it is a strong resistance zone as wicks have entered and failed to break.
2) Trend line is downwards with more than 2 wicks confirming the trend
3) Fib point 0.618 is usually a retracement level where price will hit and retrace
4) TP2 has shown that price has hit and struggled to...
if criteria is met, execute
Support level, if breaks tis again, dont enter for buy or sell
Buy if it bounces with an englufing candle or long wick buy candels to 0.234 fib point
TP1/2/3 is listed.
