AlfonsoMoreno
Long

EURCAD Forex cross pair analysis supply and demand forecast

OANDA:EURCAD   Euro / Canadian Dollar
See below EURCAD Forex cross pair top down analysis supply and demand forecast. The big picture trend on EURCAD Forex cross pair is longs, we are not allowed to sell EURCAD based on a supply and demand trading strategy because there is a weekly demand level in control making price print higher highs.This weekly demand imbalance is located around 1.4695, this level is being respected whereas lower timeframe supply levels are being eliminated. There is no reason to go short on EURCAD Forex cross pair based on a supply and demand technical analysis . We are expecting price to rally higher above weekly highs eliminating lower timeframe supply imbalances and creating new levels of demand.

Trading supply and demand imbalances is ideal for beginners and those with a full or half time job, you won't need to stay in front of the computer all day long trying to move price action with your mind. As supply and demand traders, we do not need to pay attention to the news, fundamentals or any earnings reports. Once a big timeframe imbalance has gained control, earnings do just the opposite and reacts strongly to those imbalances. Why is it that you see positive earnings and then the underlying stock drops like a rock, or a negative earnings announcement and the stock rallies like a rocket out of control? You are probably missing the fact that there are big imbalances gaining control.Unless you are doing very short term trading and scalping, you should not worry about fundamentals or earnings announcements.You can use these imbalances to plan your trades in lower timeframes. Trading is just waiting for the right trigger points and scenarios to present themselves, this game has got a name and it’s called the waiting game. We need to patiently wait for the correct scenarios and setups to happen and wait for price to pullback or dip into the price levels we want to trade, in our case these price levels are made of supply and demand imbalances.
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