Here's my 3 point confluence analysis.. I could be wrong so any additional tips on the comments are welcomed
1. USDCAD was on a small uptrend until it broke the trendline then consolidated sideways.
2. After breaking the trendline a reversal pin bar has formed indicating a downward but this wasn't enough to support the idea
3. after a sell order block formed followed by two FVG I'm confident that it set to move the previous low or to the discount area.
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Entry strategy (Enter on Pullback)
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Since the stochastics indicator on the hourly is showing it is oversold my TRADE ENTRY is a pull back into the red oderblock & wait for stochastic indicator to be overbought to enter or a rejection of the orderblock
note: the trade could just keep going down without doing a pullback
1. USDCAD was on a small uptrend until it broke the trendline then consolidated sideways.
2. After breaking the trendline a reversal pin bar has formed indicating a downward but this wasn't enough to support the idea
3. after a sell order block formed followed by two FVG I'm confident that it set to move the previous low or to the discount area.
--------------------------------------------
Entry strategy (Enter on Pullback)
--------------------------------------------
Since the stochastics indicator on the hourly is showing it is oversold my TRADE ENTRY is a pull back into the red oderblock & wait for stochastic indicator to be overbought to enter or a rejection of the orderblock
note: the trade could just keep going down without doing a pullback
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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.
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.