Long idea from a 3 confluence setup:
1 - Trendline 3rd touch
2 - Break and retest of structure
3 - Fib level confluence
Entry on the wick after a bullish engulfing was formed on the lower time frames.
This is a long idea, the daily has rejected a double bottom liquidity zone, expecting the pair to push higher. Got in on an impulse and correction with a 1HR break and retest entry. Targeting the -0.27.
- Fundamentally the EUR has been very weak with some very poor changes to the overall data releases. Whilst the USD is the same, the USD could be used as the safe heaven.
- Technically we have come into a valid minor supply zone after breaking structure and once my rules were met, I entered a short position.
- Fundamentally, the CAD is not looking very good, the GDP growth rate is down to -2.1 and all the other indicators are generally looking very bad for the CAD.
- Technically, we were trapped in a range and on the 4HR new demand was created when a minor trend line was broken - Once we returned to this new demand zone, the 1HR created a nice ascending structure and...
