Backtesting USDCAD 9/1/2022 15min (JUL 2021)
I hope you can read these notes. I am working currently on determining the bias and when the price starts to shift from bullish to bearish.
watching this move play out. price created a breakout formation the target of the breakout was of course above the previous high. on the way back down you can see price formed this area of resistance so that was highlighted in the green box.
we then saw the crucial breakout, note the RSI in this case completely over-bought, price didn't have enough momentum to get over the area of resistance and a short volatile move was formed. perfect time for the NY session to begin.
price looking weak I am expecting a short to be the right trade in this scenario. so I look for OTE entry for the NY session. I am triggered into my trade not before price makes one last attempt at breaking the area of resistance and is a crucial reason why your SL in an OTE trade should be slightly higher than the previous high.
I narrowly missed getting stopped out price had the initial drop (move SL to BE or slight profit and then it formed a rising wedge before allowing the indicators a small reset to give price further downside pressure.
if you zoom out and look at this initial move up there is tons of un-tapped liquidity and initially backtesting this area I was favouring a huge downside move and I believe this was the beginning of the bias turning bearish.
I have also left notes on the chart I hope you can read them its basically all of the confluences for taking this trade. going to continue on with price action around this time just to test my strategy
watching this move play out. price created a breakout formation the target of the breakout was of course above the previous high. on the way back down you can see price formed this area of resistance so that was highlighted in the green box.
we then saw the crucial breakout, note the RSI in this case completely over-bought, price didn't have enough momentum to get over the area of resistance and a short volatile move was formed. perfect time for the NY session to begin.
price looking weak I am expecting a short to be the right trade in this scenario. so I look for OTE entry for the NY session. I am triggered into my trade not before price makes one last attempt at breaking the area of resistance and is a crucial reason why your SL in an OTE trade should be slightly higher than the previous high.
I narrowly missed getting stopped out price had the initial drop (move SL to BE or slight profit and then it formed a rising wedge before allowing the indicators a small reset to give price further downside pressure.
if you zoom out and look at this initial move up there is tons of un-tapped liquidity and initially backtesting this area I was favouring a huge downside move and I believe this was the beginning of the bias turning bearish.
I have also left notes on the chart I hope you can read them its basically all of the confluences for taking this trade. going to continue on with price action around this time just to test my strategy