Loonie, Could you be Reversing???

Good Morning Dynamic Traders,

My apologies for the delay in my update!!

Zaheer I totally agree with you mate, great minds do think alike, haha!!
I’m glad I stuck with the Loonie this week, because we may have reversal on our hands, which could mean......that’s right......easy profits.

If you take a look at the 4 hour chart below you will see that we have a 123 bottom or a Head and Shoulder formation forming. If we do this could very exciting as we need to be prepared to catch those profits.
I personally will need more signals before I can be triggered into a trade, as I don’t want to make a dumb money move. What else do we have to help us make a decision?
MACD convergence is there and has been present for a while.
The RSI is starting to show signs strength.
Stochastics are also trying to get involved on the action.
We also have the MACD convergence on the day chart as well!! What also adds strength to this theory is the fact that the reversal would be happening at the RN where we also have a strong support line.
We now have our confluence of events!!















How to act now depends you and what kind of trader you are? My advice is to make sure you perform your own analysis and act on it!

Happy Trading

Richard Monnery