When you son in together the WEEKLY / DAILY / 1HR you can achieve great risk reward trades such as this 1:5
confluences c legs on weekly , daily , 1hr , ma's , pivots on 1hr
weekly bearish engulfing , daily shooting star , 1hr reversal
Order triggered on gj after a strong support, trend line , neckline break. We decided not to enter on the right shoulder at 50% as we checked back in history and found the 142.500 area (highlighted in grey) a bit risky to trade above it so we took a more conservative approach and set the order underneath where we had a lot of space for the market to drop into if...
We have been triggered into Eu once the daily formed a shooting star reversal candle of the 50% fib confirming a lower high and C leg. Scaling into the smaller time frames we have spotted a CTL break and double top of the 50% fib level with our order just underneath on the 4hr.
USDCAD has formed an inverse head & shoulder pattern on the 4hr with daily showing signs of the bulls coming back and price reacting to the 78% fib level a mayor trend line zone of a weekly Chanel with a possible yet another higher low forming.
Order set above the Inner TL once it has broken on the 4hr which is also the 4hr inverse h&S neckline.