scenario one - supply on the 4 hour to be touched and as retail traders will expect a buy and breakout scenario two - fresh supply - the price will see a fake out in the zone and sell off. Alerts are set - prepared for either scenario.
USD CAD - waiting for a break of the base channel before shorting - awaiting a touch of the zone. Chart is daily.
Supply tapped multiple times so it could break to a new record high, however it seems the supply is also well respected so a short could be possible. After NFP the price broke to 9400, expecting a retest to prove a fakeout in the demand zone. If broken or tested again, we will look to short. Be prepared for both scenarios.
Market opened with fundamental corona virus risk on to the downside. took a 1 contract sell with 1:6.2 Risk reward Position faked out sellers, however it reached a liquidity zone on the 1 hour and pushed back up. Position closed with target met. Awaiting next move
Bulls will try to get to 29400-500 zone again, however from here, expecting a short and a large correctional sell off. Supply and demand trader - not interested in any indicators. If the supply is broken and 30K target is in reach, then will trade long. Prepared for both ways as the trend is bullish on the weekly & daily.