Ive noticed this pattern on the daily ECAD chart,
Im looking for a retranchement into the daily imbalance of July 6th , since all other imbalaces have been filled.
the r:r is not bad at all, and worth a shot.
If price doesn't retrace that far, I would wait for either a break of the low of the pattern, or a break of the high, and then implement the teacup rules....
It has been 75 weeks since the last flash crash... looking back at the previous crashes, they crashed between 12-20%.
Each last 2 crashed increased 50% in size.
The last crash of the last few weeks hits 30% correction before the actual pullback.
I believe we have seen the bottom of this crash, im not saying up is the only way now... but I doubt we will break the...
The USDCAD has a double trap, on H4 and H1, meaning they are both the same trap, and can be traded and treated as 1.
The large candle for me is a confirmation of the order block, luckily for us the next order block is only 80 pips away.
My preferred entry would be at the retest of the bottom of the consolidation area on H1. which alligns with 50-61 fib.