USD/CAD 1D - As you can see from the screenshot above, price has traded us into the Supply Zone I have marked out for us, we have seen that price has rejected well from this area and shown signs of reversing.
In order for us to have the confirmation that price is reversing from this area and is trading us lower in the market we want to see price break structure fractally to this timeframe, this will confirm the end of the correction and the start of the next impulse.
As we know this market is trading us in a bearish way on the highest of timeframes meaning the prevailing trend and our bias should be to sell. This area of interest I have marked out is perfect for us as it represents and area of Supply.
As you can imagine SHORT orders will be filled once price penetrates this zone and LONG orders will be closed, this giving us that S&D flip we are expecting putting strength in Supply and weakness in the Demand.
I will look for an entry once we have been delivered with further confirmation to go short, for now I have set my alerts and will wait patiently.
In order for us to have the confirmation that price is reversing from this area and is trading us lower in the market we want to see price break structure fractally to this timeframe, this will confirm the end of the correction and the start of the next impulse.
As we know this market is trading us in a bearish way on the highest of timeframes meaning the prevailing trend and our bias should be to sell. This area of interest I have marked out is perfect for us as it represents and area of Supply.
As you can imagine SHORT orders will be filled once price penetrates this zone and LONG orders will be closed, this giving us that S&D flip we are expecting putting strength in Supply and weakness in the Demand.
I will look for an entry once we have been delivered with further confirmation to go short, for now I have set my alerts and will wait patiently.