Noticed 4 retest of resistance zone on the Daily TF, looking for buy setup at the 50% of last bearish candle before bullish impulse.
Overall plan on taking the buy to sell off the Weekly & Monthly TF
On the Daily TF I noticed a reversal pattern forming if
Bullish structure was going to continue on the lower TF
I found my entry on the 2 & 5 min TF after i noticed the
sudden spike down, then bullish structure continued
and broke the previous high. That indicated that was
the STOP HUNT.
Not much to say here!!! check out the linked (related idea) for a full overview of this trade and why its time to buy now. But basically, based on my last analysis for USDCAD the price broke the 1.3150 supply just like I had projected, went all the way up to around 1.3250, 100pips away from our final target, and came backdown to our 1.3150 (now) demand zone to...
Check out the simple DOUBLE TOP (M) pattern forming on the 4hr chart in confluence with a bigger daily double top (second top) and monthly supply. I'm looking to trade that break and retest of that 4hr M neckline. Check out the linked Trade Idea for a bigger overview of this trade and long term price projection.
I see a monthly falling wedge pattern, and a nice single candlestick reversal formation at a key monthly supply zone signaling a possible reversal. Taking out my fibs from low to high I get some confluence at the monthly 110 zone most likely a 61.8 retrace and shoot up giving us about 600-1000 pips.
