USDCAD LONG "early sellers doomed?"
Updated
It's quite crazy every retail trader today is targeting USDxxx SHORTS & xxxUSD LONGS. This is because price has broken the retail trendline visible clearly on most USD PAIRS H4 Timeframes. However it is essential to understand that this is a game of Banks versus the Typical retail trader. On the Chart I posted here majority of people will be anticipating a SELL off meaning 'banks' would make a loss if we sold at current market price and price actually goes down. Hence I expect a bit of of a play around by the Banks potentially in the form of a WYCKOFF schematic to grab the liquidity at the POIs I marked on the chart where unlike most people I will be taking long positions to around 1.3800. At that zone I may go short if I see confirmation on smaller Timeframes but that might not be today. Please do check out my previous posts to understand why retail trading is a rigged game and you need a shift of mindset to win that is different from the herd mentality.
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If you found this post helpful, please share, like or leave a comment conveying your opinion as well. I have tagged my latest other posts below this idea. Happy trading.
Note
I have not hopped in yet as I wait for the NY Session. From the looks of things , price may drive to our second POI which is where I will ideally go Long after seeing willingness to buy on small TF (1.3645)Note
Okay so price reacted at the first POI but watch how it slightly pierced through showing how weak the POI 1 is. Now look at the formation of double bottoms (retail support to induce buyers. Price looks like it cany come down to the 2nd POI overnight or tomorrow giving us a chance to clear the Sellside liquidity below the first POI, mitigate POI 2 then we can go long to our TP.
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