1h POI Entry at descending support line
-- This is a riskier trade because of the possible effects of current News, but when is that not the case.
-- 2nd Order Position defines my 2R Breakeven point to move my stop.
Notes on the CBO:
-- Skipped the CBO.
-- The approach to the CBO was concerning. It traded nearly to line (prior to News) then consolidated...
Possible scenarios:
If we get more of an additional push the CBO looks more desirable as an entry point. But, a sharper move up could find the POI, right above, it to be a better choice.
The CBO is much better (than the previous one) with a more defined V shape prior to formation as well as providing a POI of the lower shadows as well. (The other CBO, I had to...
CBO with trendline support.
-- CBO meets trendline.
-- CBOs require a COC retest entry (5m)
Few things to note:
-- GBP released News that is moving GBP pairs quite a bit.
-- Would have liked the CBO formation to have formed a bit more classically, but the trendline support helps.
-- There is an DBD right above it that.
AUDCAD has entered a RBR, with a retest of a near term trendline break as support.
-- Target is 1.00 on the Fib ext, well within bounds of the upper downtrend line
-- This is a continuation pattern. This formation requires a 5m COC (change of character) retest entry.
However, the upcoming Inflation numbers could nullify the trade entirely so watch out.
