USDCAD POTENTIAL REVERSAL TRADE
What's going on everyone! Hope you're having an incredible weekend so far! God is good! Just wanted to come on here and post ANOTHER opportunity the markets are providing for us. If you have been following my setups you can see it has been a HUGE past few months in the markets and there are still more opportunities lining up and this is one of them! So tune in!
OK so what I see here is an opportunity on the USD/CAD here on the daily timeframe. Last week ended with strong seller momentum across the board for USD pairs giving us a lot of potential dollar weakness setups coming into the end of the year here. I am not a fundamental trader so I'm not going to dive into the political and economical factors supporting this, when really price shows you EVERYTHING YOU NEED TO KNOW. I know many don't say that but well... I guess I do lol not that I'm anything great, but momentum really does show you the interest in the market and WHERE. OK so first and foremost is CONTEXT. One of the most important things in trading. So USDCAD has come into multi-year resistance/daily supply levels giving us the potential support of such significant levels, which is the basis for my trading. Next as you can see price was creating new highs and got SMACKED down by the sellers with stronger momentum then the buyers had on the way up, showing us signs of potential reversal. Because remember, power is the #1 sign of a reversal and the market is showing us strong seller power.
So then looking at price action what we would want to see is a weaker push up from the buyers (showing they've given up) and then a LH (lower high) to form in price signaling to us the control of the seller and interest/shift of this seller and market into a bearish market for further downside!
As you can see on my chart I am focused on aiming for a demand level @1.32700 price handle. Keep an eye out on this guys I think there is great potential here especially given dollar weakness across the board! Hope you enjoyed please like and boost and comment for more further accurate trade setups!
Cheers!
OK so what I see here is an opportunity on the USD/CAD here on the daily timeframe. Last week ended with strong seller momentum across the board for USD pairs giving us a lot of potential dollar weakness setups coming into the end of the year here. I am not a fundamental trader so I'm not going to dive into the political and economical factors supporting this, when really price shows you EVERYTHING YOU NEED TO KNOW. I know many don't say that but well... I guess I do lol not that I'm anything great, but momentum really does show you the interest in the market and WHERE. OK so first and foremost is CONTEXT. One of the most important things in trading. So USDCAD has come into multi-year resistance/daily supply levels giving us the potential support of such significant levels, which is the basis for my trading. Next as you can see price was creating new highs and got SMACKED down by the sellers with stronger momentum then the buyers had on the way up, showing us signs of potential reversal. Because remember, power is the #1 sign of a reversal and the market is showing us strong seller power.
So then looking at price action what we would want to see is a weaker push up from the buyers (showing they've given up) and then a LH (lower high) to form in price signaling to us the control of the seller and interest/shift of this seller and market into a bearish market for further downside!
As you can see on my chart I am focused on aiming for a demand level @1.32700 price handle. Keep an eye out on this guys I think there is great potential here especially given dollar weakness across the board! Hope you enjoyed please like and boost and comment for more further accurate trade setups!
Cheers!
Comment:
Buyers still trying to hang on. Waiting for that potential lower high to form
Comment:
UCAD coming into critical levels here. I am not 100% liking the pullback how it just has come straight back into supply but going to see what the sellers do up here for potential shorts
Comment:
Still no strong seller interest
Comment:
OK so for USDCAD you are going to want to wait for that last buyer attempt to move up; followed by strong seller down. This will confirm the buyers have fully given up and it is safe to sell. IF it gives us the opportunity to do so
Comment:
Here is that seller coming in
Order cancelled:
Honestly not liking how USDCAD is acting at the moment. Not liking the fact it hasn't been able to break lower yet. Has some strong seller come in but doesn't follow through. A red flag for me at the moment. Been a love/hate thing with USDCAD not trading as of now
Trade closed: target reached:
USDCAD hit TP. I personally didn't end up trading this. But came into TP zone! Cheers!