brettschoenfelder
Short

USDCAD Short Daily Supply Revisited

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
125 views
6
I identified this potential set-up 2 months back, then after realizing price action has been ranging, determined I should not trade this zone. After revisiting. I like the potential set-up again.

W
Weekly Demand formed back in early Feb with USD shooting up last week, but now coming into the daily supply area

D
New price action has formed since initial analysis, making lower highs, and slightly lower lows on the daily

240
Same nested area / top of daily applies
(as an aside RSI was running very oversold for much of last week. Not a signal, but more of confirmation that price is ready for downside move. This gives me some more confidence in my initial analysis)

TP
Price stalled for 4-5 days at this area. If trade is triggered, price will either shoot through higher, or drop with no demand until below 1.32.
partial @ 3:1
final @ 8:1
Trade active
Trade closed: stop reached

Comments

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