USDCAD LONG
Updated
Last trade panned out very well, see link below...
Looking at the daily chart, this one appears to have made a higher low, which indicates to me we are breaking these highs. Price is ripping pretty good on the hourly upwards, leaving a liquidity void in its wake. Expecting/hoping this will be filled quickly, price will find equilibrium back down at .2715ish and rip back up to challenge daily highs @ .2900
I know you shouldn't fight the fed, but my overwhelming feeling is that equities are very overcooked right now. With over extended equities usually comes dollar strength. Price action in oil also looks to be rolling over after an insane rip up, and could lead to a volatile rip down, weakening the CAD along the way.
If you want to check out how I trade I literally just watched a Chris Lori price action youtube video 100 times and it finally all came together for me. I still re watch it here and there
Entering .2710ish, stop .2685ish LFG
Looking at the daily chart, this one appears to have made a higher low, which indicates to me we are breaking these highs. Price is ripping pretty good on the hourly upwards, leaving a liquidity void in its wake. Expecting/hoping this will be filled quickly, price will find equilibrium back down at .2715ish and rip back up to challenge daily highs @ .2900
I know you shouldn't fight the fed, but my overwhelming feeling is that equities are very overcooked right now. With over extended equities usually comes dollar strength. Price action in oil also looks to be rolling over after an insane rip up, and could lead to a volatile rip down, weakening the CAD along the way.
If you want to check out how I trade I literally just watched a Chris Lori price action youtube video 100 times and it finally all came together for me. I still re watch it here and there
Entering .2710ish, stop .2685ish LFG
Note
Not liking the trade so far, if we close noticeably below .2700 on the hourly i will be closing for hopefully a small loss. Would be nice to see a big wick and close above .2700 on the hourly!
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