Wait for support at 1.31691 and then go long with a TP of 1.37460. In the event that it breaks the support line, have a SL at 1.31321. The red arrow is an alternative SHORT entry order idea that you can take if this idea doesn't pan out. There's nothing to lose by preparing for both scenarios!
Thanks for your great analysis!
Here is my view on USD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones.
The short level (1.3666) is placed where a cummulation before a strong sell-off took place.
The long level (1.2922) is based on strong rejection activity accompanied by huge volumes (seen on the right cummulative volume on the right).
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale
NateFX
⋅
NICE Im thinking the same thing,
The bigger time frames are key
Cohiba93
⋅
@NateFX, Thanks for the support! Good luck to you!
Here is my view on USD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones.
The short level (1.3666) is placed where a cummulation before a strong sell-off took place.
The long level (1.2922) is based on strong rejection activity accompanied by huge volumes (seen on the right cummulative volume on the right).
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale