JunebugPresents
Short

EURCAD Supply Zone within a supply zone

OANDA:EURCAD   Euro / Canadian Dollar
I have reason to believe that if price continues to rally from here, in what is a downtrend judging from the daily chart , it will be overbought in a Supply Zone (lightly brown shaded backdrop) of the weekly (W) chart, and if it retests the hourly (1h) supply zone (grey shaded backdrop zone) then it will drop . How far? I'm guessing substantial since the supply is coming from both the weekly and the hourly. It's possible to end up with a 1:4 risk/reward if the target is reached well before a possible demand zone on the hourly.
nice chart, can you tell me the name of the indicator you are using , the one showing demand and supply zone?
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@autorav3, Thank you for compliment. I didn't use an indicator outside of the RSI and ATR you see. I didn't even use those. Everything you see I drew in with drawing tools.
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