In the next chart example below, the 50% swing retrace line and price action signal both came together at one common point and showed us a nice setup here, but what you should really take away from this example is that it was in line with the general thrust of the market, notice that prior to the pull back, we saw a nice rally up, and the pull back did not exceed the 50% area , rather it rejected it strongly and has now bounced aggressively higher to the new recent highs.
In this example we can see a 50% retrace in the EURJPY and a price action buy signal that formed showing rejection of it
Analysis on USDCAD 4HR & 1HR chart. We have a brilliant setup for this pair, following the fake out of the ascending trend line we broke back through and retested with a spinning top candlestick. We can also see that we have hit our 61.80% Fibonacci retracement level and reacted aggressively off it, this is a strong indication of a trend continuation and a possible extended target at the 1.33000 weekly key level.
Moving down to the 1HR timeframe, we can see that we have had some rejection to the upside, however, price is forming higher lows. Also, if price has been respecting the ascending trend line very well and can potentially form an engulfing pattern on the close of the current candle.
Recap of the past few days profit. Consistent analysis once again proves golden. Trading is a game of discipline, master that and the rewards are infinite.
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