10:16 29/4/21. I have a weekend routine when the markets are shut and carry out a number of checks. These checks include an examination of the weekly candle to see if we have anything significant (pinbars, doji's etc) and I also check if we have a new 60 day high or low. I place a red trendline at the daily high and a green trendline at the low and if price subsequently reaches one of the areas, I am ready in case a trade develops.
As I post this GBPCAD is back at support from 18 days ago and we have 3 doji indecision candles and possibly a fourth developing. This is evidence that we have a battle for control. With the stoch flattening and rising, this suggest the BULLS are taking control. Price is now 1.7171 and WS1 is at 1.7196. It may be that the BEARS control this line and the BULLS fail to drive the price higher but if we see a break of 1.7200 and a hold above it - this could be a strong BUY signal with a STOP below WS1.
It has to be said though that USD/CAD and EUR/CAD appear to be controlled by the BEARS so the downside is favoured. Best advice - stand aside for now.
Edited 29 Apr 2021, 19:35
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