USDCAD finally tapped into a HTF VA
Price finally tapped into the HTF value area and immediately retraced and closed with a heavy body H4 candle within structure.
I am now looking for a continuation short. Based on the size of the structure the continuation has to be more weighted and therefore in minimum a structured H1 bear-flag.
There is still the potential for a trap and price moving higher. The D1 candle is is still bullish and did only wick through the VA by about 20%, therefore the overall setup is higher risk and a clear confirmation for the continuation short is required before entering a trade.
***********
Glossary:
VA – Value Area
Liq.P – Liquidity Point
BO – Break-Out
H1 – Hourly Time-frame
M15 – 15min Time-frame
LTF – Lower Time-frame
HTF – Higher Time-frame
Magenta horizontal Ray – Area of Interest
Magenta rectangle – Gap / Area of Significance
***********
I am now looking for a continuation short. Based on the size of the structure the continuation has to be more weighted and therefore in minimum a structured H1 bear-flag.
There is still the potential for a trap and price moving higher. The D1 candle is is still bullish and did only wick through the VA by about 20%, therefore the overall setup is higher risk and a clear confirmation for the continuation short is required before entering a trade.
***********
Glossary:
VA – Value Area
Liq.P – Liquidity Point
BO – Break-Out
H1 – Hourly Time-frame
M15 – 15min Time-frame
LTF – Lower Time-frame
HTF – Higher Time-frame
Magenta horizontal Ray – Area of Interest
Magenta rectangle – Gap / Area of Significance
***********
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.