USDCAD...PULLBACK OR REVERSAL?
Hello TradingView family! Hope you guys are all doing fantastic! Just wanted to come on here and provide some insight for you guys on USDCAD based on my 13 years of experience in these markets and with technical trading...SO let's dive in!
OK so I am going to keep it very simple on this post for what I may see for USDCAD. You know what...lets go old school and do some bullet points for my bias...HERE WE GO
1. Failed to break multi year highs around 1.46800 zone of price (although it tried coming as high as 1.47800)
2. Gave a fake out (false breakout) above these highs
3. Very strong response from the seller (I like to say BOOM or BAM!)
4. #1 sign of a reversal is power/strength (which those sellers displayed)
5. Buyer has struggled to respond to that seller move (showing the seller dominance)
6. Fib retracement alignment/ Fib extension alignment (with a downward move happening)
7. New zones of supply created
etc...etc...etc.
I think you guys can see my point :) Lots of confluence! Lots of momentum! Lots of seller...stuff! SO what is next as a analyst/trader? WAIT...a traders least favorite word lol
We must wait to see how this pullback (if we get one) comes in to show us the true dominance of the seller and the buyers showing us they are slowing down...because TECHNICALLY price is still in a uptrend...BUT my bias lies behind this being a REVERSAL...keep your eyes out!
IF you guys enjoyed show some love boost this post, follow my page & comment if you'd like! Looking forward to the next time & hope this gives you all some good nuggets to use!
Cheers!
OK so I am going to keep it very simple on this post for what I may see for USDCAD. You know what...lets go old school and do some bullet points for my bias...HERE WE GO
1. Failed to break multi year highs around 1.46800 zone of price (although it tried coming as high as 1.47800)
2. Gave a fake out (false breakout) above these highs
3. Very strong response from the seller (I like to say BOOM or BAM!)
4. #1 sign of a reversal is power/strength (which those sellers displayed)
5. Buyer has struggled to respond to that seller move (showing the seller dominance)
6. Fib retracement alignment/ Fib extension alignment (with a downward move happening)
7. New zones of supply created
etc...etc...etc.
I think you guys can see my point :) Lots of confluence! Lots of momentum! Lots of seller...stuff! SO what is next as a analyst/trader? WAIT...a traders least favorite word lol
We must wait to see how this pullback (if we get one) comes in to show us the true dominance of the seller and the buyers showing us they are slowing down...because TECHNICALLY price is still in a uptrend...BUT my bias lies behind this being a REVERSAL...keep your eyes out!
IF you guys enjoyed show some love boost this post, follow my page & comment if you'd like! Looking forward to the next time & hope this gives you all some good nuggets to use!
Cheers!
Trade active
USDCAD coming back up into significant seller zones. Keep an eye on price and the buyer momentum up here...cheers!Note
USDCAD reacting from that 61.8% fib zone really well, let's see how it continues to play out Trade closed: target reached
First Take Profit area being hit for USDCAD....CHEERS!
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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.