I’m posting down here the cross I have showed you last week, so that with this one we can start directly from the daily timeframe.
We said that on the weekly chart we are in a bullish trend which follows the trendline. On the daily oneb] we can see in detail the movement: after this bearish phase, prices seem to rise again creating growing picks and valleys:
On the other hand we are now in an up phase, and I think that prices might logically retrace, maybe till the support:
In the middle between the 38.2% and 50% of Fibonacci applied on the whole movement:
Which corresponds to the 50% of Fibonacci applied on just the last movement:
An excellent confluence of target.
With Ichimoku we can see that prices got closer to the Kumo, rejecting the SSB. It is interesting that the support zone represents the Kumo Twist (at least the beginning of it), and it is in the middle of the Tenkan Sen and the Kijun Sen so that it is still confluent.
On a H4 chart there is nothing important, I only see in detail the movement. But the H1 chart that gives me the entrance is very important:
In fact I believe that the breakout of these valleys is really interesting and that a retest of this zone is perfect for entering a bearish trade with the target on the support zone (paying attention to the Kijun Sen H4) and a stop on the picks.
What do you think? Do you like this trade?
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We're now re-testing the resistance zone due to news on CAD:
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Stopped out. It was a really nice trade I'm happy I took, whatever the result is. :-)