Was watching this 15 min Supply OrderBlock on USDCAD for a possible reversal.
Price is showing me Potential reversal signs so i'm placing an Risk entry with a target to unmitaged Demand.
If price already fills this demand i will remove this Short.
No financial advice just an insight on my ideas on USDCAD and possible entry.
I will be watching this OrderBlock becasue price has some unmitaged Supply and with the price action on the 5/15Mins its possible for price to reverse becasue its now in excess price from the 15Min uptrend.
Price also has some trapped volume in it by retail Short trades taken on the orderblock below
I will only enter a Risk entry if price creates a good entry...
This is a short and sweet technical chart analysis.
We are in a short consolidation phase (likely due to low market volume) at the end of an ABC correction for this pair, sitting just below regional pyschological resistance.
I expect a drop at least to the 1H ascending correction support, if not further.
This is a straightforward trade - clear...
Market sell off on Friday due to Jobs numbers beat the expectation. Which is going according to FED plan.
Next week on Wednesday CPI data will be release which will be main report for market.
Key levels are same for SPY as I mentioned in last update.
Watch the Premarket high and low for resistance and support.
In last session market was very choppy in start, be patience and wait for the right set up.
Future is green right now market might gap up
Watch these key area
Support - 314.35,312.46
Resistance - 314.50,318.39,321.10
Previous day trading session was very choppy in start. Need to be patience for right set up.
Future is Green market might start with gap up.
Watch the key resistance level - 413.16,416.616
Key support levels - 407.60.
SPY ETF has much better price action and set up for day trade if we compare with QQQ ETF
Market rallied on Wednesday due to Earning / FED meeting was positive
(No change in interest rate)
Watch out these key levels of SPY.
Support -403.13,396.40,391.63 ( Good scalping area)
Big companies are reporting earning hence market will be volatile
We are almost at the Fed rate decision, which is widely expected to see a rate hike that will bolster the strength of the dollar.
EURUSD is completing an ABCDE corrective climb within an established channel, and this looks likely to complete just before FED rate decision.
We can use this for two trades!
The first is a scalp buy up to the larger time...
As of right now the 5 up off the dump looks bearish in nature.
Likely an A wave on the daily as part of a zig zag ABC correction and we are now finished with wave B.
The C wave can extend past the recent highs and the bulls can flip the 5 up in a HTF wave 1,2 and start a 3 wave off the recent lows.
But gun to my head that's not likely anytime soon.
In this blog post you will learn what to do when your friends and family think you are gambling by being a trader.
First of all let me start by saying this...
If you are a gambler (And YES, you should know that!) then this is NOT for you and you should seek help.
But if you are someone who is looking at trading as a potential future source of income then my...