UCAD 8H S Idea 4/20/24Looking for the 8H H&S to complete with price dropping at least to the daily 50% FIB level. This is also the 8H high from 4/5/24.
This area is:
-the Monthly bullish .382 FIB level
-the Previous month high
-the Weekly level of 4/7/24
-the 8H 4/5/24 High
Price will either:
-break and retest at this area to continue bearish
-price can reverse in this area to continue back bullish
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BUT price could very well continue bullish at market open as well.
We'll have to wait and see what the market decides to do from here
**This is for educational purposes only and this is not financial advice because I am not a financial advisor.**
8h
NZDCAD : BUYTRADE PARAMETERS
Pick Date : 03/21/18
Entry : 0.9251
Stop : 0.9226
Target : 0.9550
TRADE STRATEGY
Income Type : Swing
ENTRY
0.9251 is a newly formed 8H demand zone nested in a weekly demand zone . Will be doing a set and forget limit order. Price will need to have a strong move into the zone.
STOP
0.9226 is 25 PIPs right outside of the high for some protection
TARGET
0.9550 is the next weekly supply zone .
Zone is fresh and will be hard to break the first test.
Possible resistance reached?The bat pattern must be my favourite pattern, adhering to the very strong 88.6 Fibonacci level and reacting nicely to that area more often than not. This might be no exception, and it's going to be interesting to see what the currency does at this level. I might wait before trading this setup, in the face of a very strong up move, but in terms of a short bat pattern it doesn't get more accurate than this!