USDCAD POTENTIAL SHORT OPPORTUNITY MEDIUM TERM (3-6 WEEKS)
WHAT'S GOING ON EVERYBODY!!! SO GOOD TO BE BACK FOR THE 2024 NEW YEAR! So so much opportunity that God is providing this year and am so excited to be able to share what opportunities I am seeing and hopefully provide some value to you guys for the rest of January and moving forward into 2024! OK so let's dive in....
OK so pretty straightforward opportunity I see here on USDCAD. The last sell post I did USDCAD smashed into TP (take profit) so congrats to anyone who took that! But on this I am actually looking for a short opportunity here on USDCAD from the upper daily supply zone of 1.35400-1.36100. So on the weekly if you look at that TF (timeframe) you can see that lows around 1.3200 were not broken on that downward move...which usually would potentially represent buying opportunities and if you trade using S&R (support & resistance) then there may have been opportunity there...but what I am seeing here is that on the weekly and monthly timeframe price has failed to break highs around 1.39000 resistance zone for some time so I am suspecting that this is because price doesn't want to move higher (no kidding) lol and that it has some downside levels to mitigate and come into. So with that I am actually looking for shorts I believe the daily timeframe has another push to the downside with price (3 push wave rule) and am expecting price to come down into daily lows if not make new lows and come mitigate some downside fresh demand levels.
ALSO if you look at the momentum of the buyers on the daily you can see they aren't super strong...kind of just seems to be going up because of support but watch how momentum is coming into that upper daily supply zone and see if we can get some opportunities short from there! Remember to always use good risk and that every move needs to be strategic in these markets and we have to stay patient for price to come into our levels before trading.
Alright guys hope this provided some value!!! Please boost this post and follow my page for more accurate setups!
Cheers!
OK so pretty straightforward opportunity I see here on USDCAD. The last sell post I did USDCAD smashed into TP (take profit) so congrats to anyone who took that! But on this I am actually looking for a short opportunity here on USDCAD from the upper daily supply zone of 1.35400-1.36100. So on the weekly if you look at that TF (timeframe) you can see that lows around 1.3200 were not broken on that downward move...which usually would potentially represent buying opportunities and if you trade using S&R (support & resistance) then there may have been opportunity there...but what I am seeing here is that on the weekly and monthly timeframe price has failed to break highs around 1.39000 resistance zone for some time so I am suspecting that this is because price doesn't want to move higher (no kidding) lol and that it has some downside levels to mitigate and come into. So with that I am actually looking for shorts I believe the daily timeframe has another push to the downside with price (3 push wave rule) and am expecting price to come down into daily lows if not make new lows and come mitigate some downside fresh demand levels.
ALSO if you look at the momentum of the buyers on the daily you can see they aren't super strong...kind of just seems to be going up because of support but watch how momentum is coming into that upper daily supply zone and see if we can get some opportunities short from there! Remember to always use good risk and that every move needs to be strategic in these markets and we have to stay patient for price to come into our levels before trading.
Alright guys hope this provided some value!!! Please boost this post and follow my page for more accurate setups!
Cheers!
Comment:
USDCAD tapped supply and dropped 90 pips! Some more potential downside to come so keep eye out..Cheers!
Trade closed: target reached:
USDCAD up 100 pips...reaching my target 1...Cheers!