Looking at the EUR vs CAD on the daily time frame we can notice two days of indecision for the pair since the bearish fall from prior resistance at 1.53019. The indecision is noted with the two doji's formed at the support level at 1.49114. Doji candlesticks represent indecision as neither bears or bulls control the market. Prior to the doji at support the market had four decisive bearish days closing out with a long bearish candle near the support level. This level appears to be a level were buying pressure is present as the momentum turned quickly from bearish to neutral at this point. I look for the support level to hold and the market to bounce from here and attack the top of the range at 1.53019 long term. If price closes below the support level then we know we are wrong and we look for the support to become resistance and find another opportunity. Have a great trading week and God bless!
H&S patterns are to ambiguous in my opinion because everyone sees something different. S&R levels are there and seen with less ambiguity. Levels may not be exact but you have that zone where you anticipate the reaction and using price action you can get into a good trade. That's what makes this so fun and exciting is that everyone sees something different.
rxalex
⋅
Its fun and exciting when you can be profitable trading but if your not there yet unfortunately its confusing. So did you use ichimoku for this setup?
ChaosTrader63
⋅
No I didn't use Ichimoku for this setup, purely support and resistance and price action.
rxalex
⋅
Thank you... looking to learn from you - your an amazing trader!
ChaosTrader63
⋅
Thanks I appreciate that!
rxalex
⋅
Your welcome. You definitely deserve lots of props for sharing and making great videos to share in your experience. Its by far not easy to learn how to trade. What do you recommend in your honest opinion to become a great profitable trader like you? Do you mentor others?
flibbr
⋅
looks like a huge H&S to me
ChaosTrader63
⋅
fibbr I saw that also but I don't trade head and shoulder pattern. What I saw was a lot of candle touches to the left of this level which shows some strong support. Support could get broken and the H&S pattern will be in affect. Thanks!
andy.reed.775
⋅
I don't trade H&S either but they are good to pay attention to. Here is the chart I published. tradingview.com/v/HkOzZtTJ/
HamedAghajani
⋅
Could you also advise on SL? As this looks like a butterfly pattern? should the SL go below 1.618?