Pending long on USD/CAD in 1.0950 to 1.1000 region
I'm not surprised that price bounced a bit today given we had 5 prior red days but we're not really at the absolute buy zone yet in my opinion.
Compare the boxes: left box shows price bounced after having several red days and formed a green pinbar, which was pretty good for bulls but price still went down the following 3 days. The 3rd day had a spike down before spiking upwards. I think something similar can happen here as well, I'll be waiting in the 1.0950 to 1.1000 region with my pending longs.
Consider a hard stop loss below the 1.09 level.
Target would be the upper trend line.
******* The following is from my previous analysis: tradingview.com/v/2YXO2Pny/
Bigger picture, price was rejected above the 50% fib level (high 1.12XX region), so the bigger picture short might trump the short term long off these trend lines, so proceed with caution...
Compare the boxes: left box shows price bounced after having several red days and formed a green pinbar, which was pretty good for bulls but price still went down the following 3 days. The 3rd day had a spike down before spiking upwards. I think something similar can happen here as well, I'll be waiting in the 1.0950 to 1.1000 region with my pending longs.
Consider a hard stop loss below the 1.09 level.
Target would be the upper trend line.
******* The following is from my previous analysis: tradingview.com/v/2YXO2Pny/
Bigger picture, price was rejected above the 50% fib level (high 1.12XX region), so the bigger picture short might trump the short term long off these trend lines, so proceed with caution...
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