USDCAD on the daily after the double top is testing a weekly support.
The market attempted to break the 0.618 weekly Fibonacci level with 2 false breakouts and moved lower to the support structure.
After a series of red candles, we can expect anyway some retracement to the upside before a possible break.
How can we approach this scenario?
I will wait for a potential break of the structure and in that case i ll move to the 4h chart.
On that timeframe, i will check for an entry point according to Plancton's strategy rules and set a nice short order.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
The market attempted to break the 0.618 weekly Fibonacci level with 2 false breakouts and moved lower to the support structure.
After a series of red candles, we can expect anyway some retracement to the upside before a possible break.
How can we approach this scenario?
I will wait for a potential break of the structure and in that case i ll move to the 4h chart.
On that timeframe, i will check for an entry point according to Plancton's strategy rules and set a nice short order.
--––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
Komentarz:
the price is pushing for a break as expected
Komentarz:
possible double bottom and retracement to the upside here, at the moment no confirmation yet
Komentarz:
im going to wait for a clear break of the support before considering a short here
