"IntelliTraders" 
USD/CAD strong resistance + BEOB..

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Geppy's picture
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Joined: 2010-10-22
Posts: 86
Points: 280
USD/CAD strong resistance + BEOB..
Chart

0.9636 is a previous high from 16th July.
0.9636 is 61.8% fibonacci retracement on the entire July downswing.
Price bounced off 200 simple moving average on the 4hour chart, also forming a bearish engulfing bar.

Nice confluence for a resistance and a bearish signal. SL at 0.9640, first TP at 0.9520.


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Tradosaure's picture
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Joined: 2011-07-13
Posts: 19
Points: 150

now we see a divergence for sell USD and buy CAD.

Geppy's picture
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Joined: 2010-10-22
Posts: 86
Points: 280

Stopped out of the trade but I'd still take this type of setup any day of the week :)

Tradosaure's picture
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Joined: 2011-07-13
Posts: 19
Points: 150

Nice, thanks for fibonacci

Tradosaure's picture
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Joined: 2011-07-13
Posts: 19
Points: 150

Nice, thanks for fibonacci

Geppy's picture
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Joined: 2010-10-22
Posts: 86
Points: 280

The resistance is so that I will be reversing my trade if price reaches the SL and stays above 0.9640. Too much confluence for me not to consider that scenario as well.