usd cad went up with strong bullish momentum and than fall with the crude oil and dollar news
now market fond a very strong demand zone
look for bullish confirmation on lower time frame and enter long with your own money management
always remember that patience is the key to success
Initially I thought this to be a sell. However the upwards imbalance and the fact that it has broken upwards and barely broken downwards makes me believe it will long in the long run. Anyone reading this, just make sure that before entering there’s another up break (we’ve had enough breaks but another one will most definitely confirm it.)
Good morning fellow traders. On my Daily Forex charts using the High Probability & Divergence trading methods from my books, I have identified a new trade setup this morning. As usual, you can read my notes on the chart for my thoughts on this setup. The trade being a USD/CAD Buy. Enjoy the day all. Cheers. Jim
USDCAD has formed a bullish engulfing on the weekly timeframe in the direction of the up trend. On the daily, there is an inverted head & shoulder visible. On the retest of the neckline of daily inverted head & shoulder, a long trade is possible!
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USDCAD has broken the ending diagonal and seems to be head to resistance marked in purple above! This signal ran for 150 Pips thanks to NFP! it ranged for a while but the ending diagonal was a key confirmation of a reversal!
Hello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
After a bearish trend and the creation of a reversal figure ''Double Bottom'' which makes a retest on Vwap and the confirmation of the breakout of the Nekcline ''Resistance'' we can take the buy position after the opening of the market
I use the supply-demand method for my analysis.
Check the lower timeframes for confirmation and entry. (5m,1m)
What do you think about this setup?
Everything I share is how I trade personally. 😉
Enter the trade by checking yourself.☑️
Do not put more than 3% of your capital at risk! ❌
I shared an analysis on this pair some hours ago anticipating an H4 order block which didnt play out as expected. From H1, we can see an equal low which was suppose to hold again as TrippleBottom but as you can see in the chart, there was a stop hunt which further confirms a bullish move. Don't forget to risk between 1-3% of your balance per trade.
This pair has created a nice bullish order block as we can see equal lows just below our block which further validates our entry. Entry at 50% of the block... Lets hope it holds and bank some profits... follow me for more simple trade strategies.