Context:
• Prev. month close above consolidation, this month broke prev. month high
• Weekly: Bullish FVGs, prev. week had negative close, this week broke the prev. weeks high significantly
• Daily: In bullish swing, left consolidation with close abote montly high and consolidation range. Yet showed a rejection (long wick)
Idea:
• Direction: Long
• Entry area: 1.7452 - 1.7527 (between montly high and low of the 1h-Demand zone showed in blue)
Trigger:
• I do not suggest a LMT on the upper entry area
• Rather look for 30min-1h Reversal setup in mentioned entry area
• After reaching entry area one wants to see fast upward movement and a close abote prev. month high / prev. day low lines
Stop:
• Below your entry setup
Caution when:
• Entry area is approached with momentum, i.e. strong 1h-4h FVGs. → Slow approach of area preferred
Scenario broken when:
• Prev. day high is taken out: New context with potentially higher yet to build entry level
• Confirmed 4h close below prev. day low
Be aware of the CAD News today: BoC Interest Rate Decision. Market could become very volatile
• Prev. month close above consolidation, this month broke prev. month high
• Weekly: Bullish FVGs, prev. week had negative close, this week broke the prev. weeks high significantly
• Daily: In bullish swing, left consolidation with close abote montly high and consolidation range. Yet showed a rejection (long wick)
Idea:
• Direction: Long
• Entry area: 1.7452 - 1.7527 (between montly high and low of the 1h-Demand zone showed in blue)
Trigger:
• I do not suggest a LMT on the upper entry area
• Rather look for 30min-1h Reversal setup in mentioned entry area
• After reaching entry area one wants to see fast upward movement and a close abote prev. month high / prev. day low lines
Stop:
• Below your entry setup
Caution when:
• Entry area is approached with momentum, i.e. strong 1h-4h FVGs. → Slow approach of area preferred
Scenario broken when:
• Prev. day high is taken out: New context with potentially higher yet to build entry level
• Confirmed 4h close below prev. day low
Be aware of the CAD News today: BoC Interest Rate Decision. Market could become very volatile
Trade closed: target reached
Unfortunatelly, market rallied higher without coming back to the entry area. Might give new opportunities, though
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.
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.