I've been playing AUDCAD long/short for the last 3 weeks.... I'm short again for a potential 7:1 R:R
Trying out Harmonics...
Practicing some price action techniques.
Bullish Base + Darvas Box Pattern + Gap Close = MAJOR MOVES Be careful of NFP & FRENCH ELECTIONS
4hr is very bullish, trend still bullish despite the recent sell off. Completion of the ABCD pattern into Bullish Order Blocks + .382 Retracement. Go down to the 1hr for possible entries on the Long Side, Look for Fib reversals off the lows.
Went down to the lower TF, look for consolidation near the highs and zones for a potential short
Playing the Retest of the rising wedge then break down into the gap area. Like the odds here. Zooming out to the daily you can see the 'D' completion point is a very bullish area Gap should close week after next for the elections.
It's very possible this can come back up to the 88.6 for a slow reversal back down, more confluence in this area
Let's see... French Election goes up to May 7th? OR Le Pen wins and EUR Bears got caught taking a wee in the woods? To be seen. Im securing the bag though...
Well... I think the JPY strength is done and Risk on is back in the Markets.....
SPX 500 Hit some interesting zones today, didnt exactly follow my projected path to the T, never the less it hit the 79% Retracement Zone and reversed so sharply. This can also be a possible false move downward so I'm neutral and waiting for confirmation. The general market does look quite weak at the moment. PNRA hype seemed to have subsided and bigger Investors...
Risk on or Risk off? Raoul Pal thinks its time to go long bonds....I like his Macro but let see how institutions are positioned before jumping on the new trend.
I have a market order in already, down 10 pips. My stop is 35 pips looking for 100+ pips... Technical Factors as noted on chart