We experienced 230pips run in our direction on my last publication (see link below for reference purposes) on this pair with another trading opportunity building up again!
It is very interesting to observe that the market has continuously made its decision around the CA$1.55700 level since July 2020 which tells me that we can be confident to find a quick trading opportunity on this one!
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Trendline
Observation: i. Since on the 22nd of Dec 2020, the price has found Lower lows respecting the Bearish trendline that led to the recent Breakdown of CA$1.55700 followed by a sharp rejection of this level last week.
ii. Considering the significance of our key level; The leg that broke down CA$1.55700 might experience correction back into this level for a decline continuation in the coming week.
iii. In this regard, I shall be looking for a significant level around the Key level/Trendline to find a safe haven for a selling opportunity this week.
iv. Lest I forget, I am looking forward to seeing buyers do quick activities around CA$1.5470 level after which selling opportunity will surface... Be patient :)
Trading plan: SELL confirmation with a minimum potential profit of 220 pips.
Risk/Reward: 1:4
Potential Duration: 2 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
It is very interesting to observe that the market has continuously made its decision around the CA$1.55700 level since July 2020 which tells me that we can be confident to find a quick trading opportunity on this one!
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Trendline
Observation: i. Since on the 22nd of Dec 2020, the price has found Lower lows respecting the Bearish trendline that led to the recent Breakdown of CA$1.55700 followed by a sharp rejection of this level last week.
ii. Considering the significance of our key level; The leg that broke down CA$1.55700 might experience correction back into this level for a decline continuation in the coming week.
iii. In this regard, I shall be looking for a significant level around the Key level/Trendline to find a safe haven for a selling opportunity this week.
iv. Lest I forget, I am looking forward to seeing buyers do quick activities around CA$1.5470 level after which selling opportunity will surface... Be patient :)
Trading plan: SELL confirmation with a minimum potential profit of 220 pips.
Risk/Reward: 1:4
Potential Duration: 2 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trade smart. Trade consciously
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.