Trading Edges That Last
- You May Also Like
Lawrence's Comment Recap 50% range as expected. Consolidation actions. Closed the week near Y-1 and midpoint. Outlook The monthly resistance of 100-102 from years ago is now support. Being able to build ...READ MORELawrence's Comment Recap Consolidated around previous week close in reduced range. Situation in Ukraine put a leash on the majors. Closed the week below Y+1 and near midpoint. Outlook Volatility should pick up later ...READ MORELawrence's Comment Recap Option expiration week played out perfectly to mess with everyone who forgets about it since last month. Initial attempt to blast higher from Y+1 failed leading to first flush ...READ MORELawrence's Comment Recap Pullback to Y-2 support zone as expected. Ninja rallied since to tag Y+1. Strong reaction at Y+1 zone bought ninja back down. Closed the week below Y-0 and near ...READ MOREUSDJPY Aug 08 to Aug 12 OutlookUSDCAD Mar 17 to Mar 21 OutlookUSDCAD Mar 25 to Mar 29 OutlookIntraday Cycle Projection (USDCAD) 2020-06-25Intraday Cycle Projection (USDCAD) 2021-04-29Intraday Cycle Projection (USDCAD) 2013-06-27Hot n Cold (USDCAD) 2011-5-31Intraday Cycle Projection (USDCAD) 2017-01-17S&P 500 Apr 20 to Apr 24 OutlookUSDJPY Aug 03 to Aug 07 Outlook
As Featured In
USDCAD Aug 19 to Aug 23 Outlook
Lawrence’s Comment
Expected a retest of the support zone below Y-1 but loonie just refused to get there. Popped right off previous week close and back up to Y-0. Then reacted violently back down yet bounced off from a higher low and keep trying to push higher. Closed the week above midpoint and below Y-0.
Outlook
Not quite spike and ledge pattern. Not a properly formed double bottom either. Messy setup going into next week.
Considering only chart pattern, we have a bear flag / ledge type formation that points to continuation. Since this pair had a drop from Y+1 down to Y-1 before entering this consolidation, the continuation move points to below B-2 down to Y-2.
Share