DislikedHI Guys could you give your opinions on this chart. There is a possible pin forming on the daily usd/cad chart (it may not form a pin in which case I will not trade it but it could do in the next half hour or so). It is near a resistance line I have drawn, it is by the 38 fib and 61.8 fib of the last two down waves. However it would mean selling in to the boss 20 ma which puts me off. Any thoughts guys thanksIgnored
I like prices that have retraced to between the 50 & 61.2% fibs, but on my feed this one hasn't reached 50 on the larger move (Mar 19 - Apr 16) and has passed the 61.2 on the more recent, smaller move (Apr 01 - 16). Also, as you spotted, we are above the 20 and have the boss 20 as additional support just below. (If close price stays above)
Finally price is above the descending resistance trend line I have from 10 Mar, 31 Mar, 1 Apr, 2 Apr) break was yesterday, price could have retraced to test (r to s) & may go back up again? Personally the number of pips of the bar is not tradeable due to the potential risk, but that's just me & my account
I hope this is food for thought, and that the other guys with more experience will add to the feedback on this pair for today (I have just put my chart up and take the opportunity to add that the monthly and weekly trends are both down)
best
Paul