Sunday, 24 November 2013

USDCAD textbook shooting star at classic R on top of a bearish Gartley

Well it seems like we have got "The Convergence", textbook shooting star, classic Resistance, divergence in RSI and rejected by a bearish Gartley x. While I am fighting with my inner contrarian saying "what seems too good to be true usually is too good to be true", on the other hand I think USDCAD is an honest chap, when it displays its weakness it will usually go down (taking its own sweet time though). Having say that, I would not jump straight into it, rather I would wait for consolidation slightly below X and let some buyers' rage eases before considering to enter.




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