Ucad retracing...trade was triggered at BE (including spreads and costs)
So....since Ucad hit the lower boundary of the Broadening Formation (BF)
and seems to be hitting the weekly OB (order block) I will start looking for
I would like to see H/D/W all in the green
USDCAD keeps on dropping, and apart from some retracements it hasnt shown any potential yet..
It did have me thinking though...almost enticing me to take longs..which of course I could have done
but I'm trying to stick to my TFC...which showed pressure to the downside.
As with Trade8, I waited for full TFC, I also waited for the Daily to be broke and then...
Trade 8 turns out to be a nice one...but I had to wait for entry as it was
hovering around the TFC and switching timeframes from red to green and back..
The stripy green line at the top is the previous day high (PDH)
and the RED stripy line at the bottom was the PDL (low)
The stripy purple line just below that was the previous week low (PWL)
Since (in the...
So far so good...after the big outside candle (3) another 2 candle broke and closed to the upside..
Sure...i could have taken the trade way down when that big red candle hit the
yellow line,...but there was news and...you know...
by the way...my candles do not conform to the standard green=up red=down
green still means up of course...but it means it broke...
(this is a screenshot from the M15)
Easier said than done...reversals....when, how?..
Do we retrace?
Well...Im taking into account the TFC (time frame continuity), FVG and liquidity runs..and my Strategy ofcourse
Is it enough?..., at this stage we can only make a guess, with added probability
Luckily our guess is 50/50
...the unlucky part is where to place...
Swings or liquidity grabs seem to have subsided...and i see some primers for
a long setup..
Of course...patience...plenty of setups to come, but for now I will take whatever
pip comes my way...
(dark theme is a bit better on my eyes..)
not much to say other than...it's friday..
i was about to enter a trade at around 14:00 and luckily noticed the news..
The swings that followed were too much, even for my ex..
Continuity is see-saw at the moment since we are trading close to the Daily open..
I might set a buy/stop limit but that depends on how NY will react to liquidity
The weekend is...
trade got stopped...BUT!! (like a true fisherman I will explain why..)
I admit...I did hope for a short term reversal as I fell into the psychological trap of :
" ..surely it can't drop any further.."
I should have :
1) Waited for a more definite setup (the price already dropped below the H1 OB)
2) Trusted my time frame continuity which was...
Didnt expect UC to drop this far without correction...but I patiently waited..
Saw an opportunity just now with a 2-2 reversal signal (not really a signal but more like a warning sign)
posting this early so we can see how it pans out, and also to make sure I post my trades from the start,
such that people wont think im cherry picking..
anyway...lets see...SL is...
A short study in the formations of trendlines, highs and lows, price action and continuity..
(Chapter 1 is generic...future chapters will be specific)
I dont know how long this 'study' will be, nor do I know how it will be received..
But, I can't let this strategy just slip past...even though indicator users may hate this, in the end
continuity is the most...
took third partial profit at 20 pips, together with the previous trade (4)
which ran to 27 pips.
Edit : final TP 4 hit at 26 pips
Expected is UC to revert to the upside to fill FVGs or continue to take out
lower pivot points (duh...)
I will have a look tomorrow and see what my Strategy will ....predict
Fifth trade taken after UC took out the daily high and ran liquidity...
My expectation was that the price would revert as two major FVG's
were down below.
(the 'guide lines' you see drawn over the highs and lows on my chart are in no way
entry or exit signals, nor are they support/resistance!!)
The 3-2 setup hinted towards a reversal of 2u-2d, but the...
Some nice targets hit,...and I do believe a lot of traders would have taken this
trade to the long side..
Reason being the higher lows...but liquidity was taken earlier yesterday so a move to
the downside was a good probability..
The 'added' greenish rectangles signify the FVG, and even though they might not get hit by
a retracement today, they will be filled...
Stopped the H4 trade at 6pips profit, but wanted to wait a bit for a clearer signal...
I looked at the H1 and M30 for entries and found a nice 3-1-2 setup on M30
Even though price showed higher lows I did take the short since TFC was red across the board.
Partials are shown in green dotted lines
SL fade pink is where I started the SL and the dark pink colour...
Quick update regarding the trade on UC...
Added TP lines which are based on pivot points,
Depending on how the trade 'works out' on the hourly I might collapse it early..
or it will fail...whichever comes first :)
SL will be adjusted according to the TP lines,
When profit = SL then I will move the SL to BE
entry #4 on USDCAD,
so far 2 wins and 1 loss...
The last failed trade was due to a high retracement on the H1.
On the Daily two indecision candles ('stars') formed probably because
of month's end...
Expectation is a further drop before price going back up..
TFC is red
3-1-2 formation on the H4 seems like a high probability trade
As suspected (or rather 'hoped') UsdCad did continue downwards
towards the Imbalance..
We are at months end so tomorrow a new setup will be formed..
points for the beginning of June
* Check continuity
* Check interest rates, covid developments in China
(* BTC ?...new reversal?)