Good Morning,
So we may have an alternate entry to the AUDCAD SHORT entry i previously posted.
If the head and shoulder looks like it won't play out. We have this entry above to possibly enter on.
The layout is on the daily chart for all to see. If in doubt wait one more day for confirmation price is going long.
Watch the lower time frames 4Hr and 1hr and the associated 50 EMA to see if we move lower or we are getting the bounce higher from the current position.
Thank you.
Point 1) channel upper trend line on daily chart tested with a bounce lower
Point 2) the weekly upwards sloping trendline is touched and acts as support again, we also have a double bottom on the weekly looking left on the weekly chart
Point 3) what seems to be a touch of the old daily channel upper trend line now acting as new support, with a 618 FIB retrace as icing on the cake. Now making a HIGHER LOW.
Interference would come from the 50 EMA so watch that one. It wasn't respected during the previous SWING low however.
Path of least resistance seems to be to the upside.
my previous idea of a HEAD and Shoulder playing out here may of been wishful thinking. That would be a great pattern and trade if it does however. IT was a long term pattern play however so no harm done.
So we may have an alternate entry to the AUDCAD SHORT entry i previously posted.
If the head and shoulder looks like it won't play out. We have this entry above to possibly enter on.
The layout is on the daily chart for all to see. If in doubt wait one more day for confirmation price is going long.
Watch the lower time frames 4Hr and 1hr and the associated 50 EMA to see if we move lower or we are getting the bounce higher from the current position.
Thank you.
Point 1) channel upper trend line on daily chart tested with a bounce lower
Point 2) the weekly upwards sloping trendline is touched and acts as support again, we also have a double bottom on the weekly looking left on the weekly chart
Point 3) what seems to be a touch of the old daily channel upper trend line now acting as new support, with a 618 FIB retrace as icing on the cake. Now making a HIGHER LOW.
Interference would come from the 50 EMA so watch that one. It wasn't respected during the previous SWING low however.
Path of least resistance seems to be to the upside.
my previous idea of a HEAD and Shoulder playing out here may of been wishful thinking. That would be a great pattern and trade if it does however. IT was a long term pattern play however so no harm done.