Potential bullishness on USDCAD
Good day friends. Its Thursday, maybe we can still see moves happen? The daily has made two consistent higher highs (by my definition of higher highs of course) and I was expecting a continuation of the bullish trend from the place marked with "$" but then I noticed that there's liquidity sitting below the demand zone. According to my rules a Demand zone should not be used if liquidity sits below it and what would be done is to use the demand zone right below that which has liquidity beneath it.. as there's a higher probability of price not holding than of it holding... isn't that what we as traders want to do ? put probability on our side? So, the zone marked with a blue and red fib is where I'll be waiting patiently for possible buy opportunities... remember we don't just set pending orders on zones we have to confirm them first... this is just a projection, not a trade idea , just a zone to look out for... Yeah of course, at what point is the idea invalidated.. notice a line beneath the blue and red zone.. the moment price wicks below there, the Idea is invalidated... Stay tuned... I'll post an update if an opportunity presents itself within the zone.
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.