USDCAD 1h Textbook Triple Bottom
I believe a triple bottom is forming on this pair, with each bottom being a higher low, indicating the end of bearish pressure and momentum.
(Note: the higher lows are indicative of an emerging bullish pressure due to sellers being unable to push price down below the last low)
Triple top and bottoms are known as reversal formations, when the market is getting ready to reverse from one trend, into another.
The third bottom has not yet fully formed.
The resistance neckline for this structure is the resistance TL in purple.
To trade this, I am waiting for price to approximately follow the arrows, with a target of slightly below 1.3160, and a stop loss of slightly below 1.3000, as it is a round number and therefore an important psychological zone.
(Note: the higher lows are indicative of an emerging bullish pressure due to sellers being unable to push price down below the last low)
Triple top and bottoms are known as reversal formations, when the market is getting ready to reverse from one trend, into another.
The third bottom has not yet fully formed.
The resistance neckline for this structure is the resistance TL in purple.
To trade this, I am waiting for price to approximately follow the arrows, with a target of slightly below 1.3160, and a stop loss of slightly below 1.3000, as it is a round number and therefore an important psychological zone.
Commentaire:
Ah yes, there is it.