USDCAD - POTENTIAL BUY + MULTIPLE TIME FRAME CONFLUENCE
Following on from this day's daily candle closure, we are able to be given an impression that the long lower wick below the body demonstrates a rejection of the linear level as well as a further indication for the market to be pushed higher.
We are also able to identify the similar rejection when looking at the 4HR time frame. In addition, from the recent candle closure, it is clearly shown that Buyers have taken over the market as the bullish candlestick is much more larger than the bearish candlestick that had occurred.
In addition, clear confluence for a potential BUY can be justified at the fact that the market had previously bounced off the bottom trend line, as well as the fact that the market is at a key zone which had previously been used as support.
Trend line, Zone, Candlestick formation, Multiple Time Frame Confluence, Zones - What more do you need?
We are also able to identify the similar rejection when looking at the 4HR time frame. In addition, from the recent candle closure, it is clearly shown that Buyers have taken over the market as the bullish candlestick is much more larger than the bearish candlestick that had occurred.
In addition, clear confluence for a potential BUY can be justified at the fact that the market had previously bounced off the bottom trend line, as well as the fact that the market is at a key zone which had previously been used as support.
Trend line, Zone, Candlestick formation, Multiple Time Frame Confluence, Zones - What more do you need?
Trade closed: stop reached:
After being on a reasonable decently sized profit (approx 30 Pips), I had amended my SL to break even.However, the bearish movement in the market has reached my SL figure.
BUT I do believe that there may be a possible re-entry opportunity with the anticipation of a bullish indication.
BUT I do believe that there may be a possible re-entry opportunity with the anticipation of a bullish indication.