CAD/SGDLong
CADSGD looks good to go LONG now, but looks can be deceiving!
Updated
Reasons behind this idea:
1. Detected bullish squeeze on the 1Hr Timeframe by our algorithmic systems.
2. Stochastic indicators are headed in the oversold zone.
3. Bullish hammer candle pattern on a support trendline.
Caution: MACD indicators have crossed bearishly.
---------- Chart Drawings ----------
Red Line: Resistance Trendline
Blue Line: Support Trendline
Purple Line: Suggested Stoploss
Green Line: Suggested Take Profit
Please trade responsibly and good luck!
1. Detected bullish squeeze on the 1Hr Timeframe by our algorithmic systems.
2. Stochastic indicators are headed in the oversold zone.
3. Bullish hammer candle pattern on a support trendline.
Caution: MACD indicators have crossed bearishly.
---------- Chart Drawings ----------
Red Line: Resistance Trendline
Blue Line: Support Trendline
Purple Line: Suggested Stoploss
Green Line: Suggested Take Profit
Please trade responsibly and good luck!
Note
Here is a screenshot of the idea from our mobile app ibb.co/KV92N5SPlease note the app is still undergoing internal testing.
Trade closed: stop reached
Support blue line is broken and is now the new resistance line until it holds. Here is the screenshot from our mobile app showing loss for the trade idea. ibb.co/JHWYrV8
Note
In this scenario the breakout was not fake or false, the market respected the new resistance trend line (blue line) and fell further down.
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