LizzyD

USDCAD Key Decision Point

FX:USDCAD   Dolar U.S/Dolar Kanada
36 0 7
Daily price action has been held within an upward channel for several weeks now. The blue horizontal lines represent key support and resistance levels that have been tested numerous times, both inside and outside (not shown) of the channel. The green box represents a key region to enter a trade, however, which direction has not yet become clear. The 8, 20, and 50 period moving averages on the Daily chart are moving downward, in order ( bearish ). Price action is also sitting on the lower boundary of the channel. Price action might turn around at this point, however, given the bearish EMAs and the fact that price action broke below the lower channel boundary twice last week (Friday and Wednesday - but did not close below the channel boundary) suggests there may be some bearish sentiment. My bias is to enter short on a shorter time frame if a strong bearish signal arises. The 0.382 and 0.618 Fib retrace levels from the most recent leg up on the Daily chart (2016-05-02 to 2017-05-05) are indicated to guide take profit levels.

This is not trading advice.
Perdagangan aktif: 4hr candle closed below daily channel; 20 period EMA crossed down over 50 period EMA. Short position entered with stop loss above the green box.
Komen: Awesome! >100 pip fall in less than an hour!
Perdagangan tutup: sasaran tercapai: Price has broke through the 0.382 retrace level shown on the above chart. It is now sitting at a key level that has severed as support/resistance numerous times on the hourly chart. Given the rapid movement to this level and the slow down as price approached this level, I have closed my short and will be looking to go long on a retrace.

Caution: FOMC rate decision on Wednesday

Komen: Looks like a retrace may be here after falling 256 pips in just a short time. A green pin bar has formed on the 1hr chart after bouncing from the trend line. The current candle is green... let's see how it closes.
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