Awesome Confluence Sell Opportunity on UCad. Overall Strong Downtrend with a recent strong flush. Countermove and retracement to 38.2 Fib. Showed bearish momentum on the lower time frame as well as rejection of a strong support within a major supply zone. My stop for this trade is somewhere in the neighborhood of the 50-61.8 fib. I am expecting this trade to go down to the institutional level 1.3100 within the middle of the next liquid filled supply zone.
Trade closed: stop reached
News powered right through our stop loss. Wicked and consolidated heavily between 88.6 and 100% Fib. Still maintained structure I am Looking for a quick snap back to follow structure.
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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.