Going to keep it short.
The Monthly, Weekly, and Daily Trends are all still bearish.
I think USDCAD is trying to make a run for the 2019 Low (green line)
There should be TONS of stops sitting there as people bought the cup and handle on the monthly chart back in Jan/Feb.
With this as my target, we could be seeing a run up for some liquidity.
We will have a double bottom completing at an untapped point of control. So I'm looking to retail traders to go long right into the hands of institutional sell orders.
The entire move would also be a impulsive bearish crab. The sell zone for that pattern is the light blue.
Observing for now, with elections approaching nothing is off the table.
I am bearish on the dollar currently but things can change quickly in these current conditions.
I like the fact this patterns take profit would be an ABCD that completes exactly at the 2019 low.
The Monthly, Weekly, and Daily Trends are all still bearish.
I think USDCAD is trying to make a run for the 2019 Low (green line)
There should be TONS of stops sitting there as people bought the cup and handle on the monthly chart back in Jan/Feb.
With this as my target, we could be seeing a run up for some liquidity.
We will have a double bottom completing at an untapped point of control. So I'm looking to retail traders to go long right into the hands of institutional sell orders.
The entire move would also be a impulsive bearish crab. The sell zone for that pattern is the light blue.
Observing for now, with elections approaching nothing is off the table.
I am bearish on the dollar currently but things can change quickly in these current conditions.
I like the fact this patterns take profit would be an ABCD that completes exactly at the 2019 low.
Note
and that folks, is why we wait for confirmations lol
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Each week, I send an email breakdown of the best forex setups, watch zones, and market trends so you can trade with confidence.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
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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.