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Shortcad

USDCAD Short then LongUSDCAD in the past several sessions had a good uptrend then hitting a double top and reversal Sunday 5/15 after the open. The double top occurred at the of the second upper VWAP band above the mean and the top of the volume profile. On the descent , it has crossed under the POC line of the volume profile and is widway between the first positive VWAP bandline and the mean VWAP. Luxalgo's Echo indicator based on AI algorhythms predicts the trend down will bounce and reverse off the first lowewVWAP band at 1.337 into a consolidation sideways pattern for a day or two and then reverse. Accordingly, I will take a short position targeting 1.337 while getting a stop loss at the first upper VWAP ~ 1.35. I expect to close before swap comes into effect.
Short
by AwesomeAvani
Possible Long NZDCAD?? Feel free to like or comment. Especially if you see something different or think otherwise state your reason(s). I am open to seeing others point of view. 1.) Here price found support and formed a double bottom pattern, which is a bullish formation and started off the uptrend. This also serves as the low. 2.) After the double bottom was formed, price confirmed it by retesting/respecting the neckline. This ultimately created a Higher Low. 3.) Price broke out of the monthly support as expected and begin to form higher highs and higher lows. This higher low formed a double bottom. 4.) After double bottom was formed, price continued up and created a higher high. Price then retested/respected this neckline and continued up. This area also served as a daily support, which will eventually form a daily resistance. 5.) Once price found support at the daily resistance price formed another higher high. After this high price retraced and ultimately broke below the prior low. This is known as a break of structure "BOS." When this occurs except a retrace to test this level and price possibly dropping lower. This break of structure also correlates with the daily support level which is now resistance. Also when a BOS occurs, normally look for a retrace to at least the 50.0 level. After drawing the fib from the high to the new low, the 50.0 fib level ALSO correlates with the daily support/resistance and the prior low. After price broke structure it found support at the monthly/weekly support level. Formed a double bottom, which also can serve as a bullish reversal pattern. Price is currently at the neckline of this double bottom, but the previous daily closed in a large bearish candle. Since price is still respecting this monthly/weekly structure. I will just wait and standby for price to show bullish candlestick and enter a buy. 6.) If you switch over to a higher time frame like the MONTHLY, maybe the weekly, you will notice that price formed a double bottom. Where price is currently is testing this area (the red broken up line illustrates the neckline of the double bottom).
Long
by NoCeilingsTrading
Update on USDCAD LONGTake a look at my original analysis, to see how price has behaved. Price has now completed the Inverse head and shoulder pattern. Price has retraced to the 61.8 fib level. Here is where price found support at that fib level which also correlated with the daily support. Price now began making its bullish move to the upside. I am expecting price to test the monthly/weekly resistance level. I have linked the original analysis to this (check below). Analysis performed on March 28
Long
by NoCeilingsTrading
1
USDCAD READY TO REVERSE? Catch the sell before the push upward.-Price found support at the monthly/weekly support or demand zone and began it's push up. -After an extended push to the upside (or bullish pressure), it appears price is preparing to make a retracement. -Price broke through the daily support level now, I am expecting price to retest this area. -After drawing a Fibonacci, it appears the 50.0 fib level corresponds with the daily support zone. -A respect of this zone and level, is where I will look to enter a buy position and set a SL near or below the 78.6 fib level. -A retracement to his level, will appear to form an inverse head and shoulder formation which is a bullish reversal candlestick pattern formation. -That formation along with the monthly/weekly support zone serves as 2 confirmations of bullish pressure
Short
by NoCeilingsTrading
4
Long USD/CADFundamentals: - Mixed data from Canada last week with a tick up in unemployment and worse than expected employment change. However the rally in Oil did help the Canadian strengthen for a period of time last week. I don’t think the Canadian can maintain a positive rally, once the data starts to be absorbed by the market we should see this pair return to the upside one again. Technicals: This pair along with the pound is setting up to be a great trading opportunity. Besides the fact that fundamentals suggest further bull power, the technical’s come in supremely. The weekly closed as a pin bar rejecting the lows of 13600 and even 13800, these prices where the bottom prices on which we predicted a reversal to the upside couple weeks ago. On top of the pin bar we have a weekly 50% Fibonacci pullback and rejection from the 12800 swings lows from where price started trending heavily upward, lets couple that with a daily that formed a pin bar as well and a bullish engulfing that closed on the last day of the week and we have a nice recipe for high probability long trades. The trading plan in this regard is simple, we wait for a higher low in intraday to get in long at a better price or just take a trade with a larger stop loss on a new high. Want to know more about how I trade? take the free course bankonadam.com
Long
by FreeForexSignals4u