girolamoaloe

USDCAD - Possible Rally, Base, Rally Pattern

FX:USDCAD   U.S. Dollar/Canadian Dollar
USDCAD             converged to a very old supply level . The expectation is to see a drop very soon. But for now the price shows a flag that is a continuation pattern. That flag is a basing behavior of the price. It is consolidating in that price range. The continuation pattern suggests a potential new rally, completing in this a way a classic Supply and Demand Trading Pattern: Rally, Base, Rally.

The Price could go deeper inside the large supply level , before to drop.

I marked on chart 3 blue lines, that are resistances, as potential entry points. I have already sold in the lowest one, getting a small profit. The resistances define 3 small and better refined supply levels inside the large one.

In this trading scenario, I will skip to sell in the second resistance but I will keep my focus in the highest one for a potential sell trade.

What do you think about this currency?

Thank you

girolamoaloe.com
Girolamo Aloe

Supply and Demand Trading Mentor. Author. Cyclist.
Founder of > http://profiting.me

I share my Trading Experiences. Join on > Profiting.Me
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out