USDCAD finally tapped into a HTF VA

Price finally tapped into the HTF value area and immediately retraced and closed with a heavy body H4 candle within structure.

I am now looking for a continuation short. Based on the size of the structure the continuation has to be more weighted and therefore in minimum a structured H1 bear-flag.

There is still the potential for a trap and price moving higher. The D1 candle is is still bullish and did only wick through the VA by about 20%, therefore the overall setup is higher risk and a clear confirmation for the continuation short is required before entering a trade.


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Glossary:
VA – Value Area
Liq.P – Liquidity Point
BO – Break-Out
H1 – Hourly Time-frame
M15 – 15min Time-frame
LTF – Lower Time-frame
HTF – Higher Time-frame

Magenta horizontal Ray – Area of Interest
Magenta rectangle – Gap / Area of Significance
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