As you can see, last week price closed strongly above a key reversal zone at around 0.87626 indicating it could be ready to push up further towards the 0.78 Fib level before we see that big swing lower we have been waiting for. Due to the strength this pair is showing me i am attempting to catch the continuation of the momentum up towards the descending trendline...
I am preparing for a huge swing low once price reaches the 0.786 fib level.
SL: 0.90689 (70Pips)
TP: 0.79983 (1000Pips)
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I can see price has made a retest of the broken trendline while also looking to be bouncing from a support level too. As I have a SELL LIMIT in place on this pair at the 0.78 fib level it makes sense for me to be placing buys.
Price has made its way to a huge reversal zone at 0.91500 which also lines up with the 0.61 fib level indicating it could either reverse or have a pullback at this area . As i am also expecting GBP to strengthen due to lock down measures being eased and the economy getting back on its feet
it makes sense for me to be shorting this pair at this important level....
Price has reached a very strong resistance level at 0.87940 which lines up with the 0.61 level on the fib indicating a possible change of trend. My setup became valid when the daily candle closed strongly bearish at this important level. Therefore I am anticipating a swing low.
Entry : 0.87313
SL : 0.88370 (105Pips)
TP1: 0.84500 (270Pips)
TP2 : 0.8060...
This trade is attempting to catch the continuation to the downside as price has reached an important ascending trendline. Price had made a lower high on two occasions so we are anticipating the third.
Due to the fact on the higher time frames (1W & 1M) this pair looks to be bullish I will be using a smaller stop loss than normal
Always use 1-2% risk per trade...
This trade is designed to follow the continuation of the trend while also minimising risk. I am expected GJ to drop at least to the 0.61 level on the Fib.
Use 1-2% risk per trade
Here on USDCAD we can see that price has been trending downwards since early March while also still managing to stay within a consolidation zone ranging from 1.41500 to 1.38700. Price recently started to show signs it is trying to make a lower lower and continue its trend down. Price recently broke out of a structure and found strong resistance at 1.39600...
Due to the facts that this pair has been trending downwards since 2017 and that it also closed extremely bearish on the weekly timeframe, this trade is aiming to catch the continuation to the downside once the pullback has finished. Also because price has broken above SUPPORT on the daily i am looking to see price reverse sharply causing the weekly candle to look...
Price has reversed sharply from a major reversal zone indicating that we are to see a big swing to the upside. On the Daily time frame, we can see a very strong pin bar candlestick being formed, which also suggests that the price is going to end the week on a high.
Price has been very bearish since the beginning of the week with little to no pullback. This trade is designed to be trading the continuation to the downside as price looks to be making a retest of a major reversal level. Our SL is above 0.23 level on the Fib. Always use 1-2% Risk managment.
