USDCAD MARKET ANALYSIS
Hello traders, USDCAD price rallied into a key supply level on H4 and daily chart at 1.31907 & 1.31648 which is the origin of the previous drop to the daily demand level at 1.27846 & 1.27382. Price rallied into supply 1st time into supply, formed a strong H4 wick rejection, candle close inside supply followed by a bearish push down to the 1st H4 low at 1.30730. Price retraced from the H4 low by a strong rejection wick followed by a rally back into supply. Price formed strong rejection wicks on H4, candle closes inside supply followed by a bearish engulfing candle on H4 that closed below supply showing a valid possible bearish reversal confluence.
Took sell entries during NYSE at 1.31670 with SL at 1.32000 after several failed attempts where my SL has been hit before the market moved as anticipated. Setup taken is a rally base drop, a reversal setup and my target is at 1.29450, the next demand level on H1 & H4.

Took sell entries during NYSE at 1.31670 with SL at 1.32000 after several failed attempts where my SL has been hit before the market moved as anticipated. Setup taken is a rally base drop, a reversal setup and my target is at 1.29450, the next demand level on H1 & H4.

Price first dropped 80 pips to the 1st H1 low at 1.31118 then retraced back to supply. Price gained more bearish momentum, broke the H1 low confirming a shift in market structure to bearish, retested the broken H1 low in one candle retest then dropped heavily. Price dropped 180 pips to the next H1 & H4 demand zone at 1.29849 & 1.29451 which was my target for the shorts.
Comments
Post a Comment