USDCAD and what to watch for (Potential Longs in the works)
USDCAD is following quite closely what DXY is doing. And analyzing the chart shows some interesting potential upside moves.
The bulls have stepped in and buying at a discount pushing the price up. Preparing for the next push down in the coming weeks?
The HTF bearish structure is still maintained so even a short term 100 pip move upwards will still keep USDCAD in this structure.
In the LTF , USDCAD broke out of the structure to the upside. It even had multiple deep retests of this structure before its upward move.
It has created an order block and moving within this structure.
I see 2 potential signs of a reversal here. First, if it breaks out of the order block, then it would be a safe zone to enter longs.
But more interesting would be if we see a pull back creating an inverted H&S pattern and then a move up. This would give more confluence that this pair is reversing and could provide safe entries for a move to the upside.
I don't have any intention to trade this pair until we get more confirmation. But watching closely alongside DXY for potential trade entries.
The bulls have stepped in and buying at a discount pushing the price up. Preparing for the next push down in the coming weeks?
The HTF bearish structure is still maintained so even a short term 100 pip move upwards will still keep USDCAD in this structure.
In the LTF , USDCAD broke out of the structure to the upside. It even had multiple deep retests of this structure before its upward move.
It has created an order block and moving within this structure.
I see 2 potential signs of a reversal here. First, if it breaks out of the order block, then it would be a safe zone to enter longs.
But more interesting would be if we see a pull back creating an inverted H&S pattern and then a move up. This would give more confluence that this pair is reversing and could provide safe entries for a move to the upside.
I don't have any intention to trade this pair until we get more confirmation. But watching closely alongside DXY for potential trade entries.
Comment:
There was a retracement that created a support level. I doubled down the trade to extend profits if the price continues up. If it comes down, I am out break even with limited missed opportunity.
Comment:
Unfortunately, stopped out. It was worth the risk as I didn't lose anything.
It was actually the first time I scaled into a trade in this way. In the past, I would just add additional entries instead of doubling my existing position.
It was actually the first time I scaled into a trade in this way. In the past, I would just add additional entries instead of doubling my existing position.
NQ Trader
Hit TP1 and getting close to TP2.
CAD is still really bearish helping this trade out alot. Once I see CAD gain some strength, I will close out this trade and focus on NY Session.