UnknownUnicorn200545

UnknownUnicorn200545

Simple.

UnknownUnicorn200545

With a period of consolidation, following a strong bearish trend, you may find corrective opportunities, as profit seekers close positions, and bears play the corrective wave. The MacD has crossed up. Bollinger band width has settled, indicating an end to the bearish trend. From the time of posting, the last 28 hours we have seen a rise on the 4 hour.

UnknownUnicorn200545

With the USD CAD, my long position started at 1.29. Although this idea is being posted a little after, there is still a potential window of further opportunity. Keeping it simple, on a weekly chart, with Heikin Ashi candles to smooth out the PA. Indicators MACD, OBV are indicating a bullish trend. Also, you will see my Linear Regression support, which...

UnknownUnicorn200545

You will see a clear downtrend in this weekly chart, as we actively test the 200SMA. Combining the downward signal generated by the Mac D, this is a reasonable setup to watch for a bearish trend. Heikin Ashi candles have been selected for the purposes of this published idea.

UnknownUnicorn200545

Watch for a bullish day on Friday May 6th 2016, as we are currently testing strong support. To trade this setup, you should look for a bearish intraday signal on Friday May 6th.

UnknownUnicorn200545

Possibly due for a correction after a strong rally of %1.40 on Thursday May 5th 2016. The 4 hour chart offers a grave stone doji reversal pattern. How to trade this setup; You should wait patiently for an intraday bearish signal on Friday May 6th 2016. It could be time for a retrace.

UnknownUnicorn200545

I want to illustrate a clear down signal in my opinion. Lets start with one of the few indicators on the screen, as I will cover them all as we progress. The first indicator is the SMA 10/40. We see an initial downwards cross, just before wave 1 on the cart, where I have drawn out wave one of five. This was the start of a 5 section bullish leg. Following...

UnknownUnicorn200545

Clear down trend on the daily chart, and on the 15 minute chart.

UnknownUnicorn200545

You will notice volume thinning as we see support at the bottom.

UnknownUnicorn200545

Major trends are down, as the minor appears to have acted as the corrective wave, we may see another downward leg. The 4 hour chart also shows clear bullish rejection at the 200 sma.

UnknownUnicorn200545

Volume is thin at the top

UnknownUnicorn200545

Selling on the grave stone doji

UnknownUnicorn200545

Right shoulder downward leg forming, in a clear downtrend, defined by the LR channels.

UnknownUnicorn200545

Selling at the Top of a correction in a bigger down trend

UnknownUnicorn200545

Elliot Wave

UnknownUnicorn200545

Dragon Dly Doji

UnknownUnicorn200545

MacD making lower highs, as price action tests resistance for the 4th time in the last 6 months.

UnknownUnicorn200545

Clear Bullish Bat with strong support after the pattern has completed.