Oil trying to be optimisticFormed an inverse H&S at the 4-Hour chart. Possibly have already 'retested' it.
Bearvsbull
Euro correction or Euro bear, and Loonie bullAfter the huge decline of the Euro and Loonie Forex pair, it has formed a consolidation on lower time frames showing that it may continue its decline later on with the formation of a descending triangle.
Possible push higherAs seen on the graph represented for you, the 2-hr ascending trend line has still been intact. Whenever it has broken a consolidation, it has allowed to push higher... then back to consolidation before any push higher.
Due to the recent events of the Bank Of Canada wherein it has applied a rate hike after years of keeping the rates intact, the Canadian Dollar has strongly pushed higher on several of its Forex pair despite the slow recovery of the Crude Oil (WTI and Brent).
Bulls are reigning... for now. For several weeks, the Euro has been outperforming several Forex pairs including the US Dollar, and we were able to take advantage of the rallies and the downside corrections with them!
For the EURUSD Forex pair, it has broken the weekly resistance but is few pips away from the monthly resistance which may give a clean opportunity to short it or even give a clean opportunity to join the rally to the upside past the monthly resistance!
This is a pair to watch!
Correction, retest of broken trendline, bear attack...?For several days, the Gold (XAUUSD) commodity has been on a continuous strong attack of bears despite the US Dollar weakness.
The bear attacks has lead the commodity to break its daily ascending trend line within a single day. Now the question is whether the price will continue its downside or will the following days show that it is a false breakout? My Take Profit point has missed twice, and today's price action (and the following days), will show where the prices will head to.
It is also something to keep in mind that it is freshly below the 200 sma, a long-term trend indicator. A retest of the daily ascending trend line may give a clear and tight entry for more dips.
Importance of trading behaviorFor those who do not know, I've already published a similar trading education type regarding on not closing trades manually as seen on the links to related ideas.
As a trader, one should know (and be aware) and practice a trading behavior as this may be one of the factors that may blowout your account. I have been trading over a year and I've been through a naughty trading behavior wherein I usually close trades manually because it is an inch close to the Stop Loss placement; after that, I'd be implying a trading revenge which usually points out to more loss.
A trading mindset behavior should be present and well-established. This is one of the backbones of a perfect trading system.
Never close trades manuallyThis is an update about my trading analysis linked below at the "Link to Related Ideas."
This is just a friendly reminder why no one should manually close trades! If I had my emotion taken the best out of me, I would have had closed the trades when I saw it an inch close to my Stop Loss. If I had, I would have had a loss now. Since I did not, I have still both trades running and they are now in profit! I am still looking for more downside for this pair! Watch out!
NZDCAD's ascending monthly trendline got stuck on monthly resistIf you look at the monthly chart of the NZDCAD Forex pair, you will see that is has been on a uptrend since it's opening. However, you could also clearly see that it cannot penetrate above the levels of the monthly (major) resistance. With the continuous failure to break above, a possible trend reversal (on monthly level) may be taking place -- the bears are preparing for a major comeback!
Dollar's comebackAs what you all have already known, I am a big fan of the Fakey setup as this is a strong signal which follows a strong movement day after.
From yesterday's session. the USDCHF Forex pair has formed a fakey bar by easily erasing the losses made during yesterday's Asian session. For those who do not know, Asian sessions are mostly 'fake' movements. I need not broaden my reasoning for entering this trade as saying it formed a fakey bar is enough.
