USDCAD Trend continuation cypher.Traders,
Good opportunity to go long on USDCAD.
Cypher D completion @ Previous Resistance level.
The Trend is up.
Good luck.
Trend-continuation
TCT with a 618 retracement into previous structure.It appears that all of the stars are aligning with this pair.
- bearish channel has been respected.
- 618 retracement has been respected.
- major resistance.
- hanging man candle formation.
- 127 extension targets align for impulse legs 2 & 3.
- targets align with previous major structure.
I am anticipating this to be less than simple as it's such an obvious trade setup, so be careful with ambitious stops
Sneak Peak: GBPCHF TCTOk here's a sneak peak out a trade I have on for all of my Syndicate clients. It's a simple trend continuation trade. GBPCHF is back up against daily support and we'll see if we can pop back up into resistance. If you want to join me each morning you can do so here: promos.tradeempowered.com
Bearish Cypher with trend.We have quite good trend continuation opportunity, hour candle was closed below 11.500 which seems to be key level. When we look at D leg, we can see 3 harmonic moves, that gives some indication similar to 3drive that we are on edge. I believe that Greece news were already implemented on chart, RSI is quite high so we might see some pullback.
Bulls try to climb the mountain, bears take the highway. In order for the bulls to prove their case, they must convincingly break above the uppermost resistance outlined on the chart. A stable move over $300 would be an indication that the bull trend would continue. Barring that, the prevailing trend is still down and it appears that it is going to play out as I suspected and indicated in my earlier ideas in which I made the comparison to the May-July reversal pattern which appears to be playing out here.
I still don't see any coherent short-term patterns for some reason, so I'm waiting until either we can confirm the short-term upside or the long-term downside. The retracement I expected has already played out, so this is a major decision point for bitcoin, but given the rising volume an declining price over the last year, I see no reason why the trend shouldn't continue. I expect the price to rise sometime around the next new moon, at which point the bulls will be stopped and the bears will return.
USDCAD 4 HOUR LONGprice is pulling back into nice structure level which would be a good opportunity to get long. Buyers are clearly defending this level as they dont want price to drop into the area where Canada cut interest rates. I.ll be watching for a buy signal at this level eg bullish hammer or engulfling pattern. My long term target is still at 1.30 but i.ll be targeting 1.25358 for now
Update on SILVER declineMy previous post related to Silver is linked here. At first we saw the decline below major multi year support.
We then saw establishment of support at 17.326 where for a few days we experienced consolidation with a declining series of high's before last night, where we experienced another drop into the early hours of the asian session.
My positions that were first triggered when the initial support was broken have now had SL moved just above the last support turned resistance (hopefully) at 17.35 area which will lock in 60 pips and allow enough space for potential moves further.
GBP/AUD 4H Trend continuation setup (short)GBP/AUD 4H Trend continuation setup (short)
We can see price making lower low (new structure low) and that signals contiunation of the trend.
Major daily structure is way lower and that tells us that price will drop down lower to that structure and retest it.
PRZ is quiet large and i would take it at the top of it because of risk:rward ratio. If price will not be hit i will simply skip that trade.
Stop loss above previous structure. Targets at retest of previous low. For more agressive trade you can put targets at extension 127.2% of last swing high to swing low.
