UPDATE : STOPPED OUT. I AM NOT TRADING THIS IDEA ANYMORE. BUT WONDERFUL PIN BAR FORMED ON H4 D1. WORTHY OF TRADING.
W1 TELLS US THAT THE BULLS ARE STRONG.
SO I WILL BE TAKING LONGS ONCE PRICE GIVES ME A GOOD RISK REWARD.
I WILL BE LOOKING FORWARD TO THE BREAK BELOW THE INSIDE BAR
FOLLOWED BY H4 CLOSING BACK INSIDE THE INSIDE BAR
THIS SIGNIFIES BEAR TRAP AND WILL HELP INTENSIFY BULLS
THIS IS NOT A "PUT A BUY ORDER BELOW THE INSIDE BAR" TRADE.
THIS IS AN "OBSERVE TO SEE IF BEAR TRAP IS FORMED" TRADE.
THIS IS A GOOD 3 BAR INSIDE BAR FAKEY SETUP THAT I PERSONALLY HOLD A HIGH REGARD FOR.
There are many ways to enter USDCAD long and i personally find this the most promising one since an inside bar is formed.
IF price breaks and close below the mother bar today. Then this trade entry is invalidated. We have to look for price action rejection pattern at 1.2000. Best case scenario and best RR.
W1 TELLS US THAT THE BULLS ARE STRONG.
SO I WILL BE TAKING LONGS ONCE PRICE GIVES ME A GOOD RISK REWARD.
I WILL BE LOOKING FORWARD TO THE BREAK BELOW THE INSIDE BAR
FOLLOWED BY H4 CLOSING BACK INSIDE THE INSIDE BAR
THIS SIGNIFIES BEAR TRAP AND WILL HELP INTENSIFY BULLS
THIS IS NOT A "PUT A BUY ORDER BELOW THE INSIDE BAR" TRADE.
THIS IS AN "OBSERVE TO SEE IF BEAR TRAP IS FORMED" TRADE.
THIS IS A GOOD 3 BAR INSIDE BAR FAKEY SETUP THAT I PERSONALLY HOLD A HIGH REGARD FOR.
There are many ways to enter USDCAD long and i personally find this the most promising one since an inside bar is formed.
IF price breaks and close below the mother bar today. Then this trade entry is invalidated. We have to look for price action rejection pattern at 1.2000. Best case scenario and best RR.