Price is in an overall downtrend, forming lower highs and lower lows and a third touch of this descending TL, usually when we have an impulsive move like we have, we tend to see a retracement into the 38.2 region or the 50 fib region, here we have a retracement to the 50% Fibonacci level and with what looks like is going to be a bearish engulfing candlestick, wait...
CAD/JPY is testing strong support level, it's likely to move upside from here.
Here is the Setup I am going with.
#164 CAD/JPY Buy Limit ♨️
TP 80.651 (28) —> 80.609 (23.9)
EN 80.371
SL 80.271 (-10)
Good luck with this trade!
Tibor
🔸 DAILY CHART EXPLANATION:
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🔸Price bounced at the Resistance Zone.
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🔸It has been consolidating since then without a clear direction.
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🔸We consider that this pair has bearish potential towards the Support Zone. After that, we will wait for a definition based on the two scenarios in the chart.
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🔸 Will look for a lower timeframe setup when the direction is clear.
🔸 DAILY CHART EXPLANATION:
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🔸Price bounced at the Resistance Zone and started a strong downside move after that.
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🔸It has broken the Ascending Trendline.
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🔸We consider that this pair has bearish potential towards the Support Zone in the short term.
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🔸 Will look for a lower timeframe bearish setup.
🔸 DAILY CHART EXPLANATION:
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🔸Price bounced at the Resistance Zone and started a strong downside move after that.
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🔸It has broken the Ascending Trendline.
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🔸We consider that this pair has bearish potential towards the Major Support Zone in the long term, however, we need to be careful with the middle Support Zones in case we decide to short trade.
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🔸 Will look...
🔸 4H CHART EXPLANATION:
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🔸Price bounced at the Resistance Zone and started a strong downside move after that.
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🔸It has broken the Ascending Channel.
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🔸Now, we can observe that it is making a consolidation on a lower timeframe. We have spotted this structure and waiting for a breakout to the downside.
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🔸 Will look for a lower timeframe bearish setup.
🔸 DAILY...
🔸 4H CHART EXPLANATION:
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🔸Price is on a clear downtrend and bounced at the Descending Channel.
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🔸We can observe that has been moving on a range for the last weeks.
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🔸Now, we are waiting for a breakout of the Support Zone before considering a short position on this pair.
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🔸 Will look for a lower timeframe bearish setup.
🔸 DAILY CHART ANALYSIS:
Like most of the crypto assets, BINANCE:EOSUSDT is currently trading in the horizontal channel. This channel is supported by the decreasing volume and the buy zone between $2.65-$2.8. The overall high of the channel is around 8% and there are 2 main ways how to trade in the horizontal channel.
1) Trade from one end to the other. Taking into consideration that...
Bitcoin seems to be in a ascending wedge pattern. This could break either way but whichever way it does break I think will set the trend for the coming week.
GBPUSD H4- Market currently in a downtrend & is trending below the 50EMA.
Reason For Entry-
(Fundamental Analysis)- The Pound (£) Markets are EXTREMELY volatile right now traders following comments from British Cabinet Minister Michael Gove saying that he made clear that the UK would not withdraw the Internal Markets Bill. This comment effected the GBPUSD as it...
🔸 DAILY CHART EXPLANATION:
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🔸Price bounced at the Daily Resistance Zone.
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🔸It is facing the Ascending Trendline.
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🔸We are waiting for a defintion here. The options are a breakout to the downside or a bounce towards the Resistance Zone.
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🔸 Will look for a lower timeframe setup.
🔸 4H CHART EXPLANATION:
🔸 4H CHART EXPLANATION:
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🔸Price bounced at the Descending Trendline.
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🔸The overall trend is bearish, so, this lower high could lead to a continuation of the downside move.
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🔸The first target is the Support Zone that has been tested multiple times.
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🔸 Will look for a lower timeframe bearish setup.
🔸DAILY CHART ANALYSIS:
Hello everyone, here is the top-down analysis for EURCAD, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
