Good morning! After a refreshing moring run i jumped on the charts and started analysing the market. One pair that stood out was
USDCAD
, as you may know UC started a bullish trend around the beginning of June , following this trend i noticed on LTF that a trend-line liquidity is being formed on the sell-side. This indicates that the markets will is to continue bearish.
Going a little bit deeper on the LTF , i saw the fact that on the 15m timeframe , the price performed a candle choch but personally i usually wait for a candle to close under the wick of the previous low to consider it a choch , altough due to the conditions of todays market after a very volatile week , i might consider it as a choch in the case it complies with the rest of my strategy. Inside the OTR Fibb i found a flip zone which the price might react from.
Due to the fact that London session is right around the corner and there's liquidity formed on the sell-side i might make an exception and execute a trade even tough it doesn't perform a choch at first.
My approach for this setup would be the following. In the best situation i will wait until the price performes a choch the LTF and then goes to the supply zone where i will look for confirmations ( doji , bearish engulfing , etc. ) and execute a short trade. I will close partials of the trade at 2 of the lows that formed liquidity. The SL will be right above the recent high , moving it to breakeven after the first partial TP was taken. SL - 1.32493 , Final TP - 1.30922
Wish a good trading day for everybody! Opinions and any other ideas or suggestions are welcomed!
USDCAD
, as you may know UC started a bullish trend around the beginning of June , following this trend i noticed on LTF that a trend-line liquidity is being formed on the sell-side. This indicates that the markets will is to continue bearish. Going a little bit deeper on the LTF , i saw the fact that on the 15m timeframe , the price performed a candle choch but personally i usually wait for a candle to close under the wick of the previous low to consider it a choch , altough due to the conditions of todays market after a very volatile week , i might consider it as a choch in the case it complies with the rest of my strategy. Inside the OTR Fibb i found a flip zone which the price might react from.
Due to the fact that London session is right around the corner and there's liquidity formed on the sell-side i might make an exception and execute a trade even tough it doesn't perform a choch at first.
My approach for this setup would be the following. In the best situation i will wait until the price performes a choch the LTF and then goes to the supply zone where i will look for confirmations ( doji , bearish engulfing , etc. ) and execute a short trade. I will close partials of the trade at 2 of the lows that formed liquidity. The SL will be right above the recent high , moving it to breakeven after the first partial TP was taken. SL - 1.32493 , Final TP - 1.30922
Wish a good trading day for everybody! Opinions and any other ideas or suggestions are welcomed!
Trade active:
The price performed a CHoCH confirming the direction predicted!
Order cancelled:
Personally closed the trade at 1.32179 due to the results of the released news.
Comment:
The direction was good but due to the results of the news the SL would've been taken , waiting a bit would've been worth it.