After a few time without publishing, I am back. Today's trade is a short set up in USDCAD. Checking the market structure of the pair I think that if there is a bounce of 61,8% Fibonacci could be a good short trade.
But, as always, let's see what market does.
Thanks for reading!
Taking a look to this pair I found an interesting pattern to follow. The symmetrical triangle is showing us the big congestion the pair has taken in last weeks. The first breakout, that was a false one, happened at the beginning of the triangle and it could make us think about a dissolution of the ...
I found the currency pair on a good support area, so we can expect a bullish move, at least, to the next resistance relevant area, over 128,60. I think this can be a very profitable trade using a simple technique of market structure. Also the pinbar of the last 4H candle can make us think about ...
Checking what EURUSD did in last years, I found an interesting pattern.
A first symmetrical triangle (white lines) that was built since June 2000 until May 2002. Now we can see something similar, a triangle pattern (yellow lines) started in February - March 2015 that could finish over November - ...
In the above chart you can see a triangle pattern. To know the direction of the price it's necessary to wait until the breakout, after this one could be a pullback, it would give us the chance to get into it if we missed the first chance.
PS: usually this is a continuation pattern, but not always ...
As I can see in the chart of this currency pair, in last candles has been shown a bearish engulfing candles pattern, so we can expect, at least, a little step backward to the 192,5 zone.
This time the risk/ reward ratio is 1.
Let's see what happens.
Good double top constituted by two pin bar in the top of the movement. The last time the currency pair reached the 1.53 zone declined, and now in 2015 tested the zone again and declined, as well. The double top has been well built, as the second maximum, at least, reached the highest close of the ...
The reasons that make me think this scenario can happen are:
1) The extension is produced on the 3rd wave so:
a) 3rd wave is 161,8% of Fibonacci Retracement of wave 1.
b) 5th wave is 38,2% of Fibonacci of the stretch from wave 1 to wave 3.
2) Possible truncated fifth due to the 5th wave ...