4H Chart says it all. Forming a potential Double Top like end of February.
Also Fib 0.5 on the 1D Chart, could be the End of the Correction and we continue to the
If that Double Top confirms and Price breaks the 4H Bottom Channel Line (Orange), we could have
a really nice SHORT Setup!
Here the 4H Double Top...
So I did publish an Analysis to the USDCAD a couple of days ago.
It was based on Trendlines, Levels of SUP and RES, SMA 50/100/200 + some Fib Retracements.
This is my previous Publication:
I think it could still be valid and a solid foundation to form a LONG Position, but Price actually formed some
EUR/USD Technical Analysis
As you can see very easily on my Chart, it seems like the EURUSD will stay Bearish.
(1) Big Bearish Impuls with a correction between the Fib 78.60 and 61.80
(2) Played out at Fib Speed Arc RES + breaking this RES
(3) Breakout TSL 1 and bouncing off to downside TRL 1
Now I am waiting for Price...
On March 22, the DAX Index broke the bottom 4H Channel Line (BCL 4H) and the SMA 100 to the Downside.
Prior to that, we broke the 1D upper Channel Line (UCL 1D) of the previous Downtrend. Now it looks like the Index
is finding Support in that UCL 1D, but still, we are forming a H&S on the 4H Chart, which could form into a SHORT Setup.
On my 4H Chart...
So SPX broke through BTL 1 of our Channel with a bigger 1H Bearish Candle. The SMA 100 & SMA 200 are starting to flat out but weren't crossed yet.
When that move to the Downside continues, I would wait for a little Pullback on the 1H and then, in Confirmation with maybe the 4H, open a Short
Position with the Target 2638.36!
I did some Fib and...
You can already see in my Charts where I would Enter, put SL and TP.
Before I personally Enter, I want to see Price breaking at least through that 144.773 Level, but even better closing bellow
that 143.802 Level.
Also look at those 4H SMA 50 / 100 / 200 on the bottom right. Maybe working out a longer DT Phase as well!?
Ran into Previous RES. maybe turning into SUP for a little correction now! Restracing at Fib 50 also looks good because of previous Structure. Waiting for what's happening
after that last suspicious Candle on the 4H (really hoping for that Correction and continuation to the Downside!!!
1D LongPosition; Entry Strategy on 4H Chart
If price breaks through the orange DTL1:
Not Respecting previous Area of RES 1.34671 and moving straight to next RES at 1.36644 (stronger correction could follow at 1.36644 Level than in Option B)
Respecting the 1.34671 RES, Correcting into previous Structure, which is also the Fib...
As you can see, my previous publication kinda worked out - forming a 4H Short Setup after a correction bouncing off RES Area at Fib 50 and 61.80, the 4H Downtrend continues.
TP 109.650 / SL 110.900
Check out my previous Publication to see my Analytics prior the formation of that Setup. Worked out pretty well and I opened my Position exactly as planed.
After the long Bearish Candle on the 4H Chart, there could be a potential Correction to the Upside, maybe to the Fib 50 or 61.80 (which, as you can see, acted as previous RES/SUP). We get more evidence for an upcoming Downmove by the 1D 50/100/200 SMAs and a Breakout of the 1D and 4H Trendline (Two Bottom Charts).
Right now 10.38 (MEZ) I would suggest to wait...