We had a huge run on stops yesterday using the market exucse of the Johnson & Johnson issue. This has now set the tone for the rest of the trading week. USDCAD should collapse after retracing slightly to collect orders.
We caught this trade together in the telegram group last week, price will collapse from this point all the way to the target zone, wait for a significant pullback before you get involved in the new trend.
- Price in consolidation zone, currently approaching clear support level
- Anticipating a stop hunt institutional move, fake to downside to take out retail buyers
- Then pierce back into support level and retest before measured push towards supply zone
In this video I explain the reasons behind why I think we could be seeing a breakout to the upside for USDCAD into 1.27400 and potentially further if we are having a reversal.
Thanks for watching!
If you agree, disagree or have any questions just drop a comment below :)
We can see USDCAD looking to push more to the upside
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❤️ Your Support is very much 🙏...
The market is slowing pushing it's way up, if you are already in the trade from the previous idea the safest take profit would be the 1st one, but it's looking like it will possibly go up into the range high, either to test or a possible breakout! Right now we will be looking for a retracement around the TP 1/2 and then look to buy again!
Disclaimer: this is an idea, trade off it at your own risk
USD CAD has just made a false breakout and has made a strong move up and broke out of the 4H trend, it has also reached above the 200 EMA line.
We should be waiting for the retracement as it approaches the 50% - 61% fib area and look for the perfect buy in that zone (140 - 260 PIPS in Profit)