This is an update to my previous chart (linked below) This now looks like it could be a carbon copy of the previous break Lets see how it develops but it could turn out to be a nice short trade Remember wait for confirmation that it breakout is not going to reverse back into the trend 1 hour correction?
Good luck Steve
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It will probably only come down to previous low. At that point we should see the start of a new up trend.
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Trader_Dale
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Thanks for your great analysis!
Here is my view on AUD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see 3 main volume areas. The biggest one in the middle (around 0.9850) is POC - point of control of the year. It could be used as a magnet (place for profit target) for both of the positions.
Both the volumes around 1.003 and 0.972 made the markets move. Now I think that the market participants that created those 2 Volume clusters will still be active when the price reaches those areas again and move the price again.
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale
SteveNixon
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@Trader_Dale, Thanks for all the comments guys. At the moment it seems to be making a running flat (15 min chart) so I'm back to neutral until the correction completes.
luisd
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Hi Steve - as things stand now I see a correction coming and buyers below buying and taking this to new highs. so overall my opinion is long. thanks for posting your ideas. like them.
I think the big move is long but this could be a nice trade down to the previous low if it breaks down and consolidates below the trend line. This is a structure based idea
Here is my view on AUD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see 3 main volume areas. The biggest one in the middle (around 0.9850) is POC - point of control of the year. It could be used as a magnet (place for profit target) for both of the positions.
Both the volumes around 1.003 and 0.972 made the markets move. Now I think that the market participants that created those 2 Volume clusters will still be active when the price reaches those areas again and move the price again.
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale