Good entry @ 1.18637, and a retrace to 50% fib
But now we need to let it run and watch for reaction at 1.16775
Looking more complex, not much data out this week - so likely this is going to grind for a week or so.. #patience
Arrows are not a prediction, but more setting self-expectation nothing ever falls that sharply - there's always some back 'n forth
Appears to be struggling on 4hr & overextended on RSIs
My concern is how it's going to look on the way down.. if we see heavy support at 38.2%, then EU is going to continue to be bullish - if it falls through that then the short can remain.
Putting in a short and we'll see how it develops...
Bit of a ride with the USD lately, but with USDCAD now taking direction more from DXY/USDOLLAR than from OIL, this helps me understand whether there's only scalping opportunities ahead or if there's a more complex short coming up. Looking to a re-test of 12500-12510 (USDOLLAR) before we see what's next on the agenda.
Seems to be a regular pattern of fake outs setting major trends on 4hr chart with USDCAD
note the highlighted areas forming a new high/testing highs, then a sharp reversal.
Current position also appears to be similar with 1.312 as a major support line
Will continue doing more research...
Favouring a short opportunity down to 0.72 territory over the coming week or so
Tried to short this before, but missed the triangle on the Daily and got burnt. #lessonslearnt... this looks like a better entry point now though
Not going to fight it any longer. Bit scrappy, but time to look at 2100 as a target.
Going long, then we'll see how it resolves itself after 2100 (bounce off 2065? or drop and head to 1975)
Ideas charted off Daily - so looking at a 2-3 weeks of action here I guess
You're not fooling anyone if you haven't thought about shorting the S&P500. And that in itself is a good reason to not want to jump in now. Then the charts show while it's kissing R1 on Daily, this engine has not yet run out of steam and we could see some shorts burnt out before it truly decides it wants to go south.
Any scalping is risky, even if 3-5min on...
Was originally expecting this pair to fall below 110.958 - action seems to suggest on daily that it's formed enough of a bottom. But it does require the bulls to step in. This is a riskier trade than AU/EU/GU - so tiny parcel here, but I think it's a good time to get in.