USDCAD has pushed down to where I am looking to enter a long position. However, the trade has not been enter yet as we do not have the correct conformations.
Price reaching our Fibonacci retracement levels is only half of our analysis. We need to be looking for price to reject from these levels and begin to turn back over, an example of this could be another double bottom or a candlestick formation or an indicator at our fib level.
Once we have further confirmations we can then look to enter the trade. Until we have these confirmations price will just as likely keep pushing down.
Price reaching our Fibonacci retracement levels is only half of our analysis. We need to be looking for price to reject from these levels and begin to turn back over, an example of this could be another double bottom or a candlestick formation or an indicator at our fib level.
Once we have further confirmations we can then look to enter the trade. Until we have these confirmations price will just as likely keep pushing down.