USDCAD Short Daily Supply Revisited
I identified this potential set-up 2 months back, then after realizing price action has been ranging, determined I should not trade this zone. After revisiting. I like the potential set-up again.
W
Weekly Demand formed back in early Feb with USD shooting up last week, but now coming into the daily supply area
D
New price action has formed since initial analysis, making lower highs, and slightly lower lows on the daily
240
Same nested area / top of daily applies
(as an aside RSI was running very oversold for much of last week. Not a signal, but more of confirmation that price is ready for downside move. This gives me some more confidence in my initial analysis)
TP
Price stalled for 4-5 days at this area. If trade is triggered, price will either shoot through higher, or drop with no demand until below 1.32.
partial @ 3:1
final @ 8:1
W
Weekly Demand formed back in early Feb with USD shooting up last week, but now coming into the daily supply area
D
New price action has formed since initial analysis, making lower highs, and slightly lower lows on the daily
240
Same nested area / top of daily applies
(as an aside RSI was running very oversold for much of last week. Not a signal, but more of confirmation that price is ready for downside move. This gives me some more confidence in my initial analysis)
TP
Price stalled for 4-5 days at this area. If trade is triggered, price will either shoot through higher, or drop with no demand until below 1.32.
partial @ 3:1
final @ 8:1
Trade active
Trade closed: stop reached
