CADSGD is showing typical Tflow® pattern – WRMB.
Due to the lack of data in Axitrader MT4, I have attached Bloomberg data and it shows that CADSGD is downtrend.
Bloomberg Day Chart of CADSGD
Price wash and rinse many boxes high and subsequently retraced up to touch resistance
Price is being resisted by historical SAR and also F5 of the fibonacci retracement
1234 seen in d1, with pt 4 showing head shoulder pattern.
Fine-tuning in lower timeframe, still a H4 trigger
H1 shows 1234 and F6 level. Though a H1 timeframe but I would go with a H4 close.
nice hns neckline retest. Thx for the headsup!
Oanda has longer historical data for CADSGD and u may wish to take a look if interested.
Hello Oliver,
I’ve some questions as follows:
1. You’ve mentioned WR trigger is noted on H4 chart, what is the reason we still need to wait for F6 trigger on H1?
2. Is an F6 trigger on H4 ok as an entry? (see dropbox link, screenshot 1, green arrow)
3. H1 chart today shows that there is no close below F6 so far, does it mean we have to give this trade a miss? (see dropbox link, screenshot 2, green arrow)
My first attempt attaching a dropbox link. Hope it works! Thank you!
https://www.dropbox.com/s/2ek96dd3ujd8waw/Question%20on%20blog%20post%2016%20Sep%202014.docx?dl=0
Hi Ann,
Thank you for your questions.
1. You’ve mentioned WR trigger is noted on H4 chart, what is the reason we still need to wait for F6 trigger on H1?
Answer: H4 chart is a WR trigger and the reason is for those who have not entered the trade or spotted the H4 WR, it is another opportunity to enter in a fine-tuning chart in H1. Also, if assuming upon the H4 WR you have entered, it is also an opportunity to add to your existing positions.
2. Is an F6 trigger on H4 ok as an entry? (see dropbox link, screenshot 1, green arrow)
Answer: Yes, it is a trigger to enter. A 1234 with a chart pattern HS, a trigger you will not want to miss.
3. H1 chart today shows that there is no close below F6 so far, does it mean we have to give this trade a miss? (see dropbox link, screenshot 2, green arrow)
Answer: No close below F6 would be a no trigger no trade, and instead it WR upwards now which also is a dead cat bounce on the HS chart pattern. This trade is no longer valid.
Very clear now. Thanks much!