USDCAD Channel Breakout
Updated
USD/CAD Weekly and Daily time frame broke out from its long term channel and making lower lows and lower highs, we already have a pull back after the breakout, you can spread your down fibonacci to get a clearer picture of the lower lows and lower highs,
if you spread your fibs on the Daily you will notice that we have a 0.618 pull back with a counter trend line break,
having all this facts makes it enough big of a case to consider looking for short trades.
now if you go down even further to the 4 hour chart, you will notice a volume spike with a small body candle and a long wick, which that indicates that a bog fight was happening at that level which adds more confirmation for a short trade.
In conclusion:
We Have
1)Weekly/Daily Channel Break
2)Lower Lows & Lower Highs
3)Daily 0.618 Pullback
4)Counter Trend Line Break
5)Volume Spike On The 4 Hr
P.s if you look at the monthly you will also notice that we have there a bearish candlestick formation and this was the test of the candle.
if you see anything different then what I saw please comment and let me know what is it that you see that I missed...
Thank You
Easy Trading To You All!!!
if you spread your fibs on the Daily you will notice that we have a 0.618 pull back with a counter trend line break,
having all this facts makes it enough big of a case to consider looking for short trades.
now if you go down even further to the 4 hour chart, you will notice a volume spike with a small body candle and a long wick, which that indicates that a bog fight was happening at that level which adds more confirmation for a short trade.
In conclusion:
We Have
1)Weekly/Daily Channel Break
2)Lower Lows & Lower Highs
3)Daily 0.618 Pullback
4)Counter Trend Line Break
5)Volume Spike On The 4 Hr
P.s if you look at the monthly you will also notice that we have there a bearish candlestick formation and this was the test of the candle.
if you see anything different then what I saw please comment and let me know what is it that you see that I missed...
Thank You
Easy Trading To You All!!!
Note
1 more confirmation, on the 4 hr TF the market broke out from its little consolidation and pulled back
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