check the rest of the markets, on USD pairs, they all exhibit some for of SIGNS of reversal, not full fledged, but signs, no confirmation yet, but it seems USDCAD is the one which is coiling faster than the rest and exhibiting extra signs of strength, to the upside, its the first one to support, my tilt is long if we can break the pivot upwards, i am bullish, extra confirmation from AUDUSD and NZDUSD, would give us more confirmation and confidence in the trade.
FOMC meeting minutes is in sight, be aware when trading into FOMC, so this is fundamental information which could affect the overall trend, so FOMC will probe market and show us if market direction is up or down, essentially when FOMC is released, it probes if big boys are willing to defend their levels which shows us the strength and weakness of the pair
summary, neutral currently, but if we break upside pivot, bullish, currently no positions till market shows its hand.
if we break below pivot, setup invalidated, it indicates pattern is invalid.
this pattern shows market is in a testing phase, notice we have the break down previously 2 swings before, and then a upswing to test it, then pullback, then now the established pivot, hence the testing phase.
FOMC meeting minutes is in sight, be aware when trading into FOMC, so this is fundamental information which could affect the overall trend, so FOMC will probe market and show us if market direction is up or down, essentially when FOMC is released, it probes if big boys are willing to defend their levels which shows us the strength and weakness of the pair
summary, neutral currently, but if we break upside pivot, bullish, currently no positions till market shows its hand.
if we break below pivot, setup invalidated, it indicates pattern is invalid.
this pattern shows market is in a testing phase, notice we have the break down previously 2 swings before, and then a upswing to test it, then pullback, then now the established pivot, hence the testing phase.
Note
Markets seems conflicted, audusd seems up nzdusd seems up usdcad is up too, tearing spotted, possible cad weakness. Since we broke out of the highs, entry should be a pull back to test resistance turned support, however if support breaks and it turns to be a fake out, do not enter, suggested entries to be split up, half on first pull back half after enter break pass high after pullback as that may imply enforced major term trend and allowance to stops to be put at break even with floating profits as cushion.Note
Note, if usdcad instead follows audusd and nzdusd it implies usdcad may have previously been pricing in something else and now it is over and hence it is joining the rest of the markets againNote
If difficult to hold, can use intermarry correlations to create a hedge portfolio to keep exposure low.Note
trade's validity may not hold anymore, currently wide range hence there is a huge battle with the bulls and bears, be ready for both sides
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.