#USDCAD looking good for a sell
4H bearish market structure as it can be seen in the chart, price just below an important structural point where price bounces up and down several times and shows that the area is important for traders.
there are 2 areas that price can tap into and reject from, one of them is a local top in recent price bullish corrective move, price can take out liquidity from above it and then resume moving lower in impulsive move. or price can come all the way up to test 1H timeframe high.
important notice for taking the position in area level 1 and 2 is:
* price cannot close above the arrow, it is possible that price goes above the arrow but it should return immediately and close below it.
* if price some how can manage to close above the 1H timeframe high then price short term bearish structure has shifted and therefor we can no longer looking for sell opportunities.
there are 2 areas that price can tap into and reject from, one of them is a local top in recent price bullish corrective move, price can take out liquidity from above it and then resume moving lower in impulsive move. or price can come all the way up to test 1H timeframe high.
important notice for taking the position in area level 1 and 2 is:
* price cannot close above the arrow, it is possible that price goes above the arrow but it should return immediately and close below it.
* if price some how can manage to close above the 1H timeframe high then price short term bearish structure has shifted and therefor we can no longer looking for sell opportunities.
Trade active:
price touched the first area of resistance took out liquidity and sold off, but if you go and see the price action in 1H timeframe you still can see bullish market structure since price hasn't been able to go lower than 1H timeframe low and creating a Lower low. therefor, for taking a position we should see a Lower high and a bullish corrective move.