Hi fellows, USDCAD is hitting the bottom we are looking for change in pattern formation. Remember we are still in bearish trend so buying without any solid price action cary risk so watch for price action and then look for buy. If we dont see and solid buying price action then it can breakdown and can form new low. So let the market confirm that it is going to reverse then look for buy rather than guessing that market gonna turn from this particular candle or from that particular candle. When it will start to turn you will see clear and nice impulse just join that and let the market prove you that you were right. Good Luck.
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Watch TCP for further buy
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Price did not form any TCP and fall back with strong impulse. Watch bottom for impulse before any buy. If we dont see impulse and we see TCP for downside then it can form new recent low. Remember we are looking to buy against the stronger bearish trend.
Hey!! Any update for the chart please? Is it a bullish sign or not yet?
justinholtgrave
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I completely agree. Price is currently pulling back from the Weekly time frame significant bullish engulfing formed on 7/31/17. I also expect price to bounce from this support level.
Wave-Trader
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@justinholtgrave, Yup bounce back is very much possible from the previou low