Looking for a cheeky re-entry for an upside move on USDCAD...
Nice area of imbalance on DXY I want to target before a big downwards move due to NFP release on friday
Trying to catch the move up and then down but generally bearish on USD
Looking bearish on USDCAD medium term. Looking for a move down to 1.395 before retracing up to either the golden zone (61.8-78.6) or the last buy to sell candle, before a move down to swipe liquidity at 1.38, potentially even further to 1.365.
Looking at a risk to reward of 1:10+ - Risk to Reward is an essential part of trading and is something I recommend every...
- Mixed signals for trend direction, although we did make a higher high, follower by higher low, the next rally to the upside failed and so I am happy to call this a downtrend.
- From the previous rally down, I can see an area of imbalance that we could be looking to test. After checking in on smaller time frames, the imbalance is still present and I am...
Looking for the last down leg to be repeated, towards the 133.675 area to be safe, although I expect it to go lower.
My trade parameters are:
TIME: 22:34 (London)
Please note I have already entered this trade, I will comment further updates if I find any potential re-entry points.
Looking for a retracement into the 61.8-78% area before entering a short position.
Located a large imbalance in that area which could provide a good resistance framework.
Also located a stutter candle which may provide a good entry point for a lower pip SL and therefore, a larger R:R ratio.
Looking for a market execution once my analysis is confirmed.