On Usdcad, we have a huge opportunity for long. Usdcad has gone down into previous supportive area where the last daily candle closed as green doji. The fibbonacci retracement is at .382 from last high. This buying zone was the last support from the last high as well. Overall, this is a great buying area into a bullish trend where I am expecting take profits right below 1.37; Risk = 6.15%, Profit = 84%.
Comments
Trader_Dale
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Thanks for your great analysis!
Here is my view on USD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones.
The short level (1.3666) is placed where a cummulation before a strong sell-off took place.
The long level (1.2922) is based on strong rejection activity accompanied by huge volumes (seen on the right cummulative volume on the right).
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale
TheBulltrader
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@Trader_Dale, Nice chart. I think you are right about the long position. I think we retested this support 3 times right now and will break higher into 1.3700; I'm watching closely and will be entering a long for a few weeks rather soon
Here is my view on USD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones.
The short level (1.3666) is placed where a cummulation before a strong sell-off took place.
The long level (1.2922) is based on strong rejection activity accompanied by huge volumes (seen on the right cummulative volume on the right).
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale