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! Target 1.3146
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!!!! I am...
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...
Let see how the next bar closed to confirm.
would it break up or break down? I would like to see a Swing Failure Pattern to appear here so that I can Sell it OFF. Yet currently the momentum is bullish. so lets keep monitor it.
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. Target 116.85
Finding support at 118.18 Target 1 118.66 Target 2 119.22 This bias is matching with Fundamental analysis also.
See how the bar closed. Swing failure pattern.
Looking for reverse signal from hourly closed candle to be confirmed.
See the blue lines. They are the levels to look for short opportunites.
Trade is already active, Long at 0.9745 Target at 0.9941 other Targets 0.9892, 0.9988
Entered at 79.09 Target 80.543 2.6R
TG1 :1283 TG 2:1292
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!