I am trying to practice my analysis to find entries, and I would love your feedback about this:
I see a down trend, and a double top forming in the smaller timeframe so i think the price can go down from there. This is USDCAD 1H
What do you think?
i see a possible triangle forming, and have no idea which way it’s going to break
i also see some previous (repeated) support which has more recently turned into resistance, which might increase the chance of a downward break (but some contra-indications, too) - i never really try to guess, with these things, but if i did, i’d guess “short” (i’m often wrong)
i would be awaiting developments with interest
Price has been in an uptrend on the higher TF’s, so that’s the direction I decided to go yesterday. Doesn’t mean that I’m going to be right. I’ll admit that I was wrong only if price hits 1.30, where you can see a SR zone on the weekly charts.
Good luck!
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I think an entry here and now would be a pure guess on a pair with almost the lowest volatility across the top 28, at a point when (on fundamentals) the USD has just yesterday departed from automatic pilot course.
If i wanna go short on that, I would first wait for the price line to break below 1.322, significantly, then I would wait for that to have a retest of that price, there I enter, my TP would be around 1.3176 or with a bigger risk of losing, around 1.3125.
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That shows you really know the market! I really appreciate you sharing your thoughts in the forum. I promise they really are handy for the users
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