Bullish Engulf. Pattern at 50% Fib and Support

USDCAD showing signs of reversal at 1.3052

The area marks previous resistance turned support, as well the 50% Fib level of the last leg up.
So far a doji (indecision) candle has posted at this level, and a bullish engulfing candle in the making on the 4 hour chart marking the London Open.

Conservative take profits target the downward sloping trendline from yearly highs

Commentaire:

1st level of resistance & target take profit area reached.
No signs of reversal as of yet

Commentaire:

NFP has caused a bullish break of the downward sloping trendline. Next level of resistance will be at yearly highs 1.3420-1.3455

Transaction en cours:

Still no signs of reversal. I'll post a chart in the comments section showing the up channel with today's low as critical support

Commentaire:

A new 15 minute wave count posted in comments. The move down was a double correction. Confirmation that the count is correct comes in on a break of channel &1.3297 highs marked wave x on the charts. Will be looking for the next move to take place as an ABC taking out previous resistance at 1.3312 with min targets falling at the yearly (highs) resistance zone between 1.3420-1.3455

Trade fermée manuellement:

Closing the trade here at 1.3325 - The sideways action at highs here does not provide enough conviction considering the risk to reward at this point. What started out as a 115 pip trade over a few days turned into a bit of a swing trade for 12 days & 250 pips.