USDCAD Fibonacci Support Resistance Zones: UC as of Jun 17
Updated
That's a LOT of lines, I know.
Kind of like ''draw a bunch of random lines and some of them will work", right?
This asset has just been so choppy, that it has left a LOT of ripples.
But it looks like it might be leaving the chop range.
So that should help me define better resonance frequencies soon.
Also, I found a way to make the zones go back to origin point.
So some the recently created zones will only go back a few hours.
The longer (time period) that a zone is, the larger time frame that Fib covered
As well, I have left a couple of the recent Fib extensions used as examples.
My complete chart has so many lines one can hardly see the price.
So for actual trading, I use this simplified chart as the guide for support/resistance.
I will update as new zones are defined by upcoming Fibs.
Kind of like ''draw a bunch of random lines and some of them will work", right?
This asset has just been so choppy, that it has left a LOT of ripples.
But it looks like it might be leaving the chop range.
So that should help me define better resonance frequencies soon.
Also, I found a way to make the zones go back to origin point.
So some the recently created zones will only go back a few hours.
The longer (time period) that a zone is, the larger time frame that Fib covered
As well, I have left a couple of the recent Fib extensions used as examples.
My complete chart has so many lines one can hardly see the price.
So for actual trading, I use this simplified chart as the guide for support/resistance.
I will update as new zones are defined by upcoming Fibs.
Note
Yet another fib that lines with existing zones.Thus I have even more confidence in the zones confirmed by this fib.
But as for direction, so far this looks like an ABC correction wave more than an impulse up.
.618 to 1.618 is a perfect ABC. If it was a 123 of 5, then wave 3 needs to reach at least 2.618. Not saying it wont, but the probability is very low, especially considering US markets just closed. So maybe tomorrow will give some clues of direct.
Note
I took a UC long scalp at retest of my zone between 5/8.618 extensions, trailing a stop now. If drops from the 9.618 again, will close. Otherwise will try and ride to 1.3265, next fib multiple of 10.618. Note
A little more support found, Daily Central Pivot.Still in long, waiting to see what happens at revisit of the 9.618.
I am thinking the 10x is coming, then a retrace.
Note
Will this zone resist twice? double top at 1.3255?I am thinking not, as bulls have already eaten many of the sell orders there on last visit.
Lets see what London does with it.
Note
Bulls got past the 9.618 as expected.Not comes the massive hurdle of a 10.618 expansion of original impulse.
Very few assets get past that in one move. So am watching closely. break above would signify SERIOUS strength
Note
USDCAD looks to be rejected from bottom of zone.But still looking bullish, will be watching the action at next lower zone
Note
Nice validation of a couple of zones.Jumped one band to the next, rested, may fall from here.
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