Lets look at structure for a minute.
4hr time frame:
Looking at the 4hr time frame to start we see that the pair begins trending down and then breaks its down trend January 3rd by breaking through the Previous high. Later the pair retests that level and then resistance becomes support!
1hr Time Frame:
Same idea as the 4hr chart. We...
For this FX:USDCAD trade I think we have a good setup for a swing trade from the 38% fib level back up to the previous high zone where it will either range for a bit or hit the 23% fib and then return to its original direction down.
As for entry we will either take the entry on the 15 minute with and indecision candle or use a strong bullish engulfing...
For this trade I am expecting the pair to consolidate some more between 78-61 fib level.
I am planing to prepare a buy for the 1.05075 and then a stop at the 50%. The TP will be into the extension range of the previous HIGH at 1.06644 (LOOK LEFT) FX:EURUSD
cheers, hopefully this progresses well.
Okay so far ive looked at a few Resistances and Supports made in the Day charts
the Black line is the resistance/support made from the day chart,
while the Turquoise line is the resistance made from the double top within the channel.
What I am suggesting is a buy at the 0.7258 - 0.7300 range where it meets the up trend channel.
if it doesnt meet the trend...
so for this trade I was mainly focusing on supports and resistance levels on the DAY duration
between A-B is 42 days and between B-C we have 13 days
As far as profits go, we have a resistance up at 1.1122 which I believe to be strong.
As far as Stop Losses go, we have 2 great supports from December 7th and again hit on December 18th.
I believe the trend will...
As far as price patterns goes I feel that EUR/USd still has some time before a reversal! a few months ago a support was created and it is now approaching that new support which will be a good opportunity for a buy!