4 Hour Chart
- Every time price has made a lower low, it has retraced to the trend line and sometimes broke it.
- Sell signal very soon, so risking small percentage (0.5%) for buy.
30 Minute Chart
- Price had pressure on consolidation box and broke through
- Price retesting top of consolidation and trend line
Confidence
80%
The 20% goes to the fact that in...
4 Hour
We have a trend line that has been tested multiple times.
Price has respected 1.255 level.
30 Min
Price is consolidating between 1.25395 and 1.25870
Tested 1.25395 twice will try to enter if there's a third touch.
Confidence
About 75%
Reasons
- Price broke market structure on smaller time frame.
- Price has strong recent bearish momentum.
--...
Reasons for entry
-USDCAD has been booming hasn't retested that much just breaking and powering through
-Moving averages below price
-Rejected 1.273 Level a couple of times on smaller timeframes
-Strong buy signal from other traders strategies.
My doubts
-Price hasn't really corrected itself, not sure when this could happen.
Overall a pretty confident trade to take.
This trade has a little more detail.
I have a Huge buy bias for DXY which is the DOLLAR.
Reason being from fundamental analysis. (news).
In summary Dollar had some positive economic news.
So because this is my bias I am looking for where fundamental and technical analysis agrees.
I am only looking for sells.
**Only downside is how strong sell momentum is so...
Reasons why I am entering:
-Price closed below 1.366 on 1h time frame.
-Downtrend, Lower highs, Lower lows.
-On 15 minute timeframe, price has not closed above 50 Ema recently.
-3 moving averages above price
Price is in clear downtrend.
3 MA above price
1.375 level buyers have held price so expect them to do so again.
If price rejects level here due to momentum I will try get in for a sell at 1.38 level
Now I will only enter if price hits entry.
If price closes below 1.375 I will most likely enter a retest. (sell)
So I entered the first sell because we have seen price resist that level and consistently retrace from it except one occasion.
DXY index is current under the 200 MA for daily timeframe and is in downtrend so I have a sell bias for USD dollar in the short term.
I plan to take out half of profits once TP is hit and then keep half to 0.77 support level.
I have a...
We have 3 Moving averages below price on 4h
We see an uptrend but price rejected 1.2625 level multiple occasions
As a result it is possible that price could break through,
However I believe price will correct itself as people take their profits before price then rejects support and creates a new high.
