Hey traders, today i want to bring an unusual analysis for me. This analysis is made of different clues, all pointing in the same direction. When trading you have to be on the majority side and collecting different evidences puts ourselves on the side of more and more traders. This way we can boost our confidence and the likelihood of this opportunity. The clues are written above, and another thing that make me confident on this trade is the over extension of this market. Usually when we have such a big move a period called "profit-taking" comes, thus creating a bigger retracement in a still bearish market. The reason for entry would be the current engulfing candle. If it will close too big, i'm going to wait for a pullback and then buy the market. Let's see.
If you have any question, please ask below. Otherwise, see you in the next chart!
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
Roker1
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Hey @Trader_Dale, i'm always interested about others' viewpoint! Thanks for sharing this!
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