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AlkalineFX
Dec 31, 2021 7:05 AM

USDCAD: Head and Shoulders Destruction Short

FX:USDCAD1D
U.S. Dollar/Canadian DollarFXCM

Description

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The market makers did everything they could to wipe out every single retail player that trades this setup.

The liquidated not only the swing traders from the breakout but also the positional traders with stops above the highest point.

Now that this liquidity has been captured from the market, do you think we will see some downside?
Trend AnalysisWave AnalysisChart PatternsUSDCADusdcadshorthandsusdcadlongusdcadforecastusdcadanalysisusdcadsellusdcadbuy
Comments
yonsfx
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Sick
AlkalineFX
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@yonsfx, Much appreciated bro!
johntrader1963
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Oversold on the short term smaller time frames charts. There will be a small bounce to the upside is what I’m thinking for the short term, but the selling will continue and deep selling hasn’t begun yet. I’m not going to be a bag holder waiting and praying for a long position. A lot of shorting directional profit to be made. There will one day be some huge gains in the USD, but nothing near term IMHO.
AlkalineFX
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@johntrader1963, I like the way you think and I am with you. I mainly scalp so holding out for trades like these is time-consuming.

USD could be interesting in January.
kimstandgraph
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Good Good
AlkalineFX
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@kimstandgraph, I appreciate you.
MadWhale
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here i cheeked ur explanation and chart there is sign for dump here and soon we can see bearish candlesticks for Canadian dollar
AlkalineFX
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@MadWhale, Thanks for supporting my idea, looking good!
MMBTtrader
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we can expect correcction here
AlkalineFX
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@MMBTtrader, Spot on, well done!
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