Long at the end of the correction
On the monthly Time frame the market has created a demand area, and after the demand area, we might expect the market to go to the next level of Resistance (Monthly resistance) and that is what the market is doing. ON the weekly, the last candle has not come to an end, but we can see that it has broke a resistance level, and by the way we might see the present candle finish with a long upper wick. And when that happens we can expect the other candle to try and fill in the wick and target the next level..On the daily, the situation becomes even more interesting because, the market has created a W formation and we as we speak the market is coming back to test the neckline before continuing the move to the upside..
Fundamentally speaking, the situation seems to be also interesting an also in confluence with what we have technically. The high institutions and Banks closed thousand of long position and open multiple shorts (3K short) on the CAD and eventually Closed also close to 4K longs and open 4 Hundred shorts.
So if and only if the market can after retesting the neckline is going to show a change of trend on the 4H time frame, then we are going to take a long position with a very good risk reward and a very good probability to the downside
Fundamentally speaking, the situation seems to be also interesting an also in confluence with what we have technically. The high institutions and Banks closed thousand of long position and open multiple shorts (3K short) on the CAD and eventually Closed also close to 4K longs and open 4 Hundred shorts.
So if and only if the market can after retesting the neckline is going to show a change of trend on the 4H time frame, then we are going to take a long position with a very good risk reward and a very good probability to the downside
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.