USD/CAD - Trend Line Break - ST Rally
Required Daily Process
Part 1 - The Overview
1) 1D/4H IT - Bearish - But signals of ST Rally
2) Daily Resistance Zone sitting above, with channel mid-point confluence.
3) 1D/4H Channel started forming approximately 2 months ago. Currently near low side of channel.
4) Monthly Sentiment - Bearish / Weekly Sentiment - Bearish
Part 2 - The Day-2-Day
5) 15M/1H MS has been very choppy for the last few days.
6) The previous 3 day's Value Area (VA) has supported the idea of a ST reversal to test the Daily Resistance. A similar VA pattern can be seen on EUR/USD between 5/22 and 5/25.
7) Today is developing a trending VA, where i would look to enter on a retest of the range.
8) I will look to enter on a retest of the range highs.
9) Trend Line, and Fib Confluence can be found for an entry. Although this confluence would support a dip back into the previous range.
Part 3 - Execution
10) Orders are set for a DCA entry starting at the top of the range, down to the 50% fib retrace of the 15M structure.
11) Current thesis is price retest the daily resistance above.
12) Yesterday i entered a half position at the crossing of the midpoint of the range. As volume increased, signaling support, i assume the potential for a Sweep of the lows existed, which ended up happening and stopping me out. The conservative entry is what is happening today, breakout/retest/run idea.
Part 1 - The Overview
1) 1D/4H IT - Bearish - But signals of ST Rally
2) Daily Resistance Zone sitting above, with channel mid-point confluence.
3) 1D/4H Channel started forming approximately 2 months ago. Currently near low side of channel.
4) Monthly Sentiment - Bearish / Weekly Sentiment - Bearish
Part 2 - The Day-2-Day
5) 15M/1H MS has been very choppy for the last few days.
6) The previous 3 day's Value Area (VA) has supported the idea of a ST reversal to test the Daily Resistance. A similar VA pattern can be seen on EUR/USD between 5/22 and 5/25.
7) Today is developing a trending VA, where i would look to enter on a retest of the range.
8) I will look to enter on a retest of the range highs.
9) Trend Line, and Fib Confluence can be found for an entry. Although this confluence would support a dip back into the previous range.
Part 3 - Execution
10) Orders are set for a DCA entry starting at the top of the range, down to the 50% fib retrace of the 15M structure.
11) Current thesis is price retest the daily resistance above.
12) Yesterday i entered a half position at the crossing of the midpoint of the range. As volume increased, signaling support, i assume the potential for a Sweep of the lows existed, which ended up happening and stopping me out. The conservative entry is what is happening today, breakout/retest/run idea.