New Trade Opportunity
USD/CAD:
I think eggs and I are going to end up on opposite side of this trade. Daily chart shows a pretty clear bullish trend. The retrace off the last high has been a very bumpy ride. but it is still producing higher lows and higher highs.
Today formed an inner bar that finished the day at the prior day's close. The prior day's low bounced off the 78.6 % fibo level, and came into the same demand area as the previous low..
Of concern on this set up is the fact that price has closed below the 61.8% fibo level three days in a row...however, to enter this trade price will have to return to yesterday's highs and move higher. the limit on this trade comes in just below the last high.
Eggs has noted a contrary trend movement on the intraday time frames, and has correctly pointed out the waning bullish sentiment on those time frames. However, to trigger this trade, price must make a higher high on the intraday charts. So this is what makes a market huh? Two people look at the same instrument and come to opposing conclusions...both decide to act...one wins the other loses...
My stats tell me of a 76% chance of success (assuming this triggers)...but its not 100%...so...pick your side and place your bets...
USD/CAD:
I think eggs and I are going to end up on opposite side of this trade. Daily chart shows a pretty clear bullish trend. The retrace off the last high has been a very bumpy ride. but it is still producing higher lows and higher highs.
Today formed an inner bar that finished the day at the prior day's close. The prior day's low bounced off the 78.6 % fibo level, and came into the same demand area as the previous low..
Of concern on this set up is the fact that price has closed below the 61.8% fibo level three days in a row...however, to enter this trade price will have to return to yesterday's highs and move higher. the limit on this trade comes in just below the last high.
Eggs has noted a contrary trend movement on the intraday time frames, and has correctly pointed out the waning bullish sentiment on those time frames. However, to trigger this trade, price must make a higher high on the intraday charts. So this is what makes a market huh? Two people look at the same instrument and come to opposing conclusions...both decide to act...one wins the other loses...
My stats tell me of a 76% chance of success (assuming this triggers)...but its not 100%...so...pick your side and place your bets...