Hello Traders,
Let's review CADCHF together...
On the monthly timeframe, price should continue the bearish move... also the last month's candle represents a bearish continuation candlestick.
On the weekly timeframe, you will notice the massive dump in price and how the price started retracing then printed a bearish continuation candle. Most times, when price dumps with speed, it hardly retraces higher... it makes a little retracement and continues the bearish move. This little retracement formed relatively equal lows (sell-side liquidity) which price will hunt.
On the daily timeframe, you can see the sell-side liquidity clearly and you will also notice that I had marked two daily order blocks which price hasn't gotten to... but I notice price has formed a bearish CHOCH which could mean that price might likely not get to the two daily supply order blocks above because of the bearish momentum.
I have updated my chart and inserted the daily order block formed by the bearish CHOCH.
I'd wait for price to trade into the daily supply order block then go to the 1-hour chart for my trade setup to go short if it presents itself.
See below correlated pairs: EURCAD & GBPCAD
Follow for more updates like this.
EURCAD ANALYSIS
GBPCAD ANALYSIS
Cheers,
Jabari
Let's review CADCHF together...
On the monthly timeframe, price should continue the bearish move... also the last month's candle represents a bearish continuation candlestick.
On the weekly timeframe, you will notice the massive dump in price and how the price started retracing then printed a bearish continuation candle. Most times, when price dumps with speed, it hardly retraces higher... it makes a little retracement and continues the bearish move. This little retracement formed relatively equal lows (sell-side liquidity) which price will hunt.
On the daily timeframe, you can see the sell-side liquidity clearly and you will also notice that I had marked two daily order blocks which price hasn't gotten to... but I notice price has formed a bearish CHOCH which could mean that price might likely not get to the two daily supply order blocks above because of the bearish momentum.
I have updated my chart and inserted the daily order block formed by the bearish CHOCH.
I'd wait for price to trade into the daily supply order block then go to the 1-hour chart for my trade setup to go short if it presents itself.
See below correlated pairs: EURCAD & GBPCAD
Follow for more updates like this.
EURCAD ANALYSIS
GBPCAD ANALYSIS
Cheers,
Jabari
