USDCAD MARKET ANALYSIS

-

Hello traders this has been quite an eventful week in the markets with fundamental events happening such as the CPI report release that happened today and I hope you have all taken advantage of the volatility it has brought in the markets. Into the charts today I've been watching USDCAD where price dropped from a key H4 supply zone at 1.36900 & 1.36455 which is the origin of the drop to the key H1 & H4 demand zone at 1.34810 & 1.34422.
Price rallied back to retest the key H4 supply at 1.36455, leaving a strong rejection wick on H4 with candle close below supply followed by a strong drop that pushed price further down breaking the H1 & H4 zone at 1.34810 & 1.34422 and forming a lower low at 1.33620. Price rallied to retest the key broken H1 & H4 demand zone at 1.34810 & 1.34422 as new supply before a continuation of the drop to the next H4 and daily demand zone at 1.32509 & 1.31546.
Took sell entries during NY session at 1.34526 with SL at 1.34740. Setup taken is a drop base drop, a continuation setup and my target is at 1.32400 inside the next H4 & daily demand zone as I anticipate price to fill the major range back to the H4 & daily demand.
 






Comments

Post a Comment

Popular posts from this blog

MEMBERS LIVE ANALYSIS SESSION PART 1

-
Image
  Good afternoon traders, it's a bright afternoon today but a bit dull in the markets as there's slow movements in the charts. However, it's become brighter as we held our Chase Capital Member's live analysis session yesterday and it was amazing. The feedback shared by our members on their trading journey progress has been phenomenal and we are happy and proud to walk this journey together. The impact Chase Capital is making on traders is being heard and felt firsthand from the experiences shared in this video by members of the Chase Capital Trading Community. Listen, learn and enjoy.
Read more

GBPUSD MARKET ANALYSIS UPDATE

-
Image
  Good morning traders, it's been a slow week in the markets but I hope you're watching out for potential setups and being patient. Here's an update on the GBPUSD setup I shared on the previous post. Price formed candle closes inside the zone followed by a strong H1 bullish engulfing candle to 1.26550 showing the bullish sentiment was right but my entry was early and that's how I got stopped out. Took buy re-entry positions during pre-NY session at 1.26504 with SL at 1.26300. Setup taken is a rally base rally, a continuation setup and my target is at 1.27600. Price failed to form candle closes above demand and instead formed a strong H1 bearish engulfing invalidating my bullish sentiment hence closing out my positions.  Took buy re-entry positions during NY session at 1.26418 with SL at 1.26200. Setup taken is a rally base rally, a continuation setup. Price rallied to 1.26700 during late NY session and formed candle closes above demand. Price retraced to retest demand a...
Read more

USDCAD MARKET ANALYSIS

-
Image
Good evening traders, it's another great Thursday with opportunities in the markets after multiple targets from our previous trades got hit. Into the markets today I am looking at USDCAD where price dropped into a major H4 & daily demand zone at 1.34712 & 1.34400 filling the major daily range. Price dropped into the major H4 & daily demand and formed multiple candle closes inside demand followed by a bullish push to 1.34800. Price then retraced back into the demand zone and formed candle closes inside demand followed by a bullish push out of demand. Took buy positions during NY session at 1.34619 with SL at 1.34300. Setup taken is a drop base rally, a reversal setup and my 1st target is at 1.35800 and my major target at 1.36170 which is the next major H4 & daily supply zone and also the origin of the previous major drop.   Price rallied out of demand by a constant push away from demand forming higher highs on H1 & H4 at 1.35050 with candle closes above demand. P...
Read more