USD/CAD - Incoming BULLISH trend-reversal to re-test highs
Updated
I have been looking for the bottom on this pair since the oil rally for the potential rise back up to re-test the highs.
Although I've successfully swing traded this pair, I have been unsuccessful on finding the proper bullish view for the re-test to the highs.
Bullish Confluences:
- Double bottom
- Potential inverse head and shoulder on D1/H4
- Trend-reversal on new bottom
If the price does break out of the new bottom created today, then I will be further bearish on this pair and will stop posting USD/CAD for awhile until the reversal actually occurs.
If this chart helped at all, leave a like or follow.
I would love any feedback/advice about my chart to correct any of my mistakes and learn more about TA.
DISCLAIMER: Not a financial advisor, I don't suggest using my ideas for your own as I am a complete amateur for TA.
Good luck to everyone!
Although I've successfully swing traded this pair, I have been unsuccessful on finding the proper bullish view for the re-test to the highs.
Bullish Confluences:
- Double bottom
- Potential inverse head and shoulder on D1/H4
- Trend-reversal on new bottom
If the price does break out of the new bottom created today, then I will be further bearish on this pair and will stop posting USD/CAD for awhile until the reversal actually occurs.
If this chart helped at all, leave a like or follow.
I would love any feedback/advice about my chart to correct any of my mistakes and learn more about TA.
DISCLAIMER: Not a financial advisor, I don't suggest using my ideas for your own as I am a complete amateur for TA.
Good luck to everyone!
Trade active
Have a position @1.3134Note
Wave 1 was correct, but the crazy pump that hit wave 2 was way too fast on a pretty important resistance fractal and fib retracement so it made a crazy drop. Nice bullish engulfing on H1, hopefully it continues to rise here.Note
I have been looking for this price movement my past two ideas. This should be a safe hold for awhile. You can take profit at the target I placed or long it until it retests highs.Trade closed: target reached
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