USDCAD Steps
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Continuing the previous Matrix Project (Linked idea) with some potential new steps in the evolution of this market. Looking for pivot points with candlestick patterns near the rectangles which are potential zones of influence (support/resistance/consolidation). Also having an eye on the marked dates or marked price levels. Icons can be hit, but not required.
The approach is trying to catch turnarounds in the price action, with entry in the market in the direction of the signal candlestick, trailing with the stop loss above(/below) highs(/lows) of the longer candlesticks in the direction of the position.
The approach is trying to catch turnarounds in the price action, with entry in the market in the direction of the signal candlestick, trailing with the stop loss above(/below) highs(/lows) of the longer candlesticks in the direction of the position.
Nota
Rebound from the marked price level. Could be just temporary correction. Day is not over.Nota
It was a temporary correction. Reached the red rectangle and a bearish engulfing right under it. Hard to pick this spot as a turnaround setup.Nota
4th day at the red rectangle. This is getting interesting.Nota
A Red Rectangle worth 1000$ graciously provided from deep inside a Black Hole, courtesy of nen.Nota
Rebound from the red marked price level. This project has turned out better than expected developments. Looking forward for the next one, even though we still have some shapes left in this snapshot.Nota
Second rectangle milestone.Nota
Potential inverted hammer at the end of the small rectangle and at the marked price level. Potential pivot point but the high of the candlestick shadow doesn't seem safe. This level might be retested. Icons still in sight for potential targets.Nota
Retest of the level as suggested, followed by a drop.Nota
The curious case of the red marked price level near where another pivot point occurred. The Icon is almost a hit.Nota
Bulls eye on the Icon.Nota
Continuing the next potential steps in this project, as the 18 Jan marked date is still a long way until it hits us all. The second icon is too far to be hit, but it has a marked time stamps where a potential pivot point can occur.Nota
Pivot point at the time stamp of the blue star. Red rectangle will probably be touched eventually.Nota
It is either shy, or she is playing hard to get. The price never kissed the red rectangle and it (/almost) bounced 2 times already from the top edge of it. 3rd time we get to first base and start computing what could be next. So far, it looks like there is some pressure up and down keeping this in a hanging position that doesn't want to break or pop in either direction. After the middle of the next week we might see some decisive action. Until then, this might just be a teasing show for the voeyours. /sorry for the bad joke. It's Friday.
Nota
No snapshot on this update as the picture is pretty disappointing. 3rd candlestick shadow at the red rectangle. Doesn't seem bearish enough to drop, but even if it touches and pivots inside the red zone, I wouldn't jump on the bull rally attempt. I might be wrong. It happens :)Nota
Red Rectangle touched with a bounce and candlestick shadow from a potential bullish engulfing. Doesn't look appealing for a confident long.Nota
The red rectangle support area was eventually penetrated... We have an interesting setup with 2 small candlestick pivot point style (red and green), with both shadows trailing below signaling potential support. Not sure if a bull attempt to push this higher will succeed. We can only dream that this hits the red before going for the blue, but it might consider a totally different pathway towards it. Bearish tune.
Nota
Reached the blue one after the bearish tones and the next trading day is a marked time stamp. Hard to decide what is in store for the $ against the Canadian. Added another time stamp for potential pivot point hunt.Nota
This is a very nice setup for a long. I like the 2 candlestick shadows and the pivot right at the marked time stamp and right at the edge of the blue rectangle. Potential target around 1.36... ish... Nota
We end this project with the update for the previous comment. The 1.36 was reached. Regarding the current situation I can see it creating a lower low eventually. I will try and find the time for more FX pairs, especially with levels and potential targets. If I don't create a background project for each of the setups, I might just troll other ideas and share my views. USD looks weak. Euro can grab another 100 pips against it sooner or later. Happy pips hunting! (grid style idea coming soon on an FX pair)
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