USDCAD made its new low at 1.3009. If you have heard the term from Tom Dante Swing failure pattern, the low 1.3009 is exactly a SFP.
I admit I did chase price a little bit to have entered at 1.3089. I was looking at it 2 hrs ago and got distracted . Forgot to further analysing this pairs, then when I look already moving with great momentum!
Current StochRSI reading on different TF:
Daily (42.64, 37.06) - Notice from the period 6 Feb - 15 Feb 2016, stochRSI reading was in a Divergent !
4HR (63.34, 58.69) - see the trend line that is making in the indicator! And how parallel the 9 and 59 EMA - suggesting it is a progressive accumulation and ready to break this major resistance 0.77062!!!!
Current STochRSI reading on different TF:
Weekly:( 93.74, 82.06) - overbought here
Daily ( 53.69, 53.50) - no direction are indicating
current 4hr ( 88.35, 92.56) - overbought at 15:00
current 1hr (2.18, 8.14) - oversold at 15:02
As we can see there is not much confluence in between one Timeframe to another. .
On 16 Feb 2017, 1217 support low retest, as for...
See yesterday high was just a pip higher then the previous high found on 15 Dec 2016.
This is a sign of SPF candle bar formation.
I am now monitoring on 60M chart for a confirmed reversal closed candle bar as my entry trigger point.
This is a 3 points touched trendline, therefore, 1263 level gives strong support. The closed of the next 1 hr and 4hr bar is crucial to give us the information if Buy signal around 1263 will provided here!