USDCAD Analysis 9:10am EET 28/07/2023
Diupdate
Good morning! After a refreshing moring run i jumped on the charts and started analysing the market. One pair that stood out was 
USDCAD , as you may know UC started a bullish trend around the beginning of June , following this trend i noticed on LTF that a trend-line liquidity is being formed on the sell-side. This indicates that the markets will is to continue bearish.
Going a little bit deeper on the LTF , i saw the fact that on the 15m timeframe , the price performed a candle choch but personally i usually wait for a candle to close under the wick of the previous low to consider it a choch , altough due to the conditions of todays market after a very volatile week , i might consider it as a choch in the case it complies with the rest of my strategy. Inside the OTR Fibb i found a flip zone which the price might react from.
Due to the fact that London session is right around the corner and there's liquidity formed on the sell-side i might make an exception and execute a trade even tough it doesn't perform a choch at first.
My approach for this setup would be the following. In the best situation i will wait until the price performes a choch the LTF and then goes to the supply zone where i will look for confirmations ( doji , bearish engulfing , etc. ) and execute a short trade. I will close partials of the trade at 2 of the lows that formed liquidity. The SL will be right above the recent high , moving it to breakeven after the first partial TP was taken. SL - 1.32493 , Final TP - 1.30922
Wish a good trading day for everybody! Opinions and any other ideas or suggestions are welcomed!
USDCAD , as you may know UC started a bullish trend around the beginning of June , following this trend i noticed on LTF that a trend-line liquidity is being formed on the sell-side. This indicates that the markets will is to continue bearish.Going a little bit deeper on the LTF , i saw the fact that on the 15m timeframe , the price performed a candle choch but personally i usually wait for a candle to close under the wick of the previous low to consider it a choch , altough due to the conditions of todays market after a very volatile week , i might consider it as a choch in the case it complies with the rest of my strategy. Inside the OTR Fibb i found a flip zone which the price might react from.
Due to the fact that London session is right around the corner and there's liquidity formed on the sell-side i might make an exception and execute a trade even tough it doesn't perform a choch at first.
My approach for this setup would be the following. In the best situation i will wait until the price performes a choch the LTF and then goes to the supply zone where i will look for confirmations ( doji , bearish engulfing , etc. ) and execute a short trade. I will close partials of the trade at 2 of the lows that formed liquidity. The SL will be right above the recent high , moving it to breakeven after the first partial TP was taken. SL - 1.32493 , Final TP - 1.30922
Wish a good trading day for everybody! Opinions and any other ideas or suggestions are welcomed!
Trade aktif
The price performed a CHoCH confirming the direction predicted!Order dibatalkan
Personally closed the trade at 1.32179 due to the results of the released news.Komentar
The direction was good but due to the results of the news the SL would've been taken , waiting a bit would've been worth it.
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