The trade 1.Support Valid Resistance touched repeatedly showing signs of weakness 2.Trend line Broken (Major validation) 3.Profit margin 1:3 4.below middle ma band showing signs of weakness (BUY LOW SELL HIGH)
Support zone validated from the rejections in the past. And breaches of opposing force. There are visible rejections from the recent points and dating back to 7/4/17. The trade has a high probability of working out because of the breach, that engulfed the opposing force. the trade has on obstruction if the price does decide to rally up from the predicted level...
My plan is to wait for a pullback off of 10.21 resistance in to 9.79 pivot, CCI needs to be above 100 when we pull back. A quick wave count could be a third wave right now and then we´ll probably break above the resistance with a wave 4 as retest...
Despite all the talk of the Canadian economy in tatters as oil prices tumble, I focus on price and limit my risk. Catastrophic events happen causing erratic behaviour in the markets. But all things being equal, the charts are telling me there is a good chance that USDCAD will fall from 1.51800. Again, low risk, high potential reward is what I look for. I make...