USDCAD,🟢Possible scenarios (Read the caption)
Updated
Well, as you can see the market structure is still bullish.
Now there are two modes that I will explain.
The first one, there is a strong demand zone that can hold the price and push it up. This demand zone is located at the 0.705 Fibonacci level which makes it more reliable.
The second scenario is the price continues the retracement to the extreme bullish order block which grabbed the liquidity and created the FVG.
The TPs of both scenarios are the same, the first TP can be the strong supply zone that we expect the bearish reaction on this zone and the final TP is the previous high.
đź’ˇWait for the update!
🗓️29/01/2024
🔎 DYOR
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Note
The price dropped to the first demand zone, let's see the reaction to this zone.Personally, I need to see the 5-minute chart to give me a confirmation for entry.
Note
Well, the price had a bullish reaction after penetrating the first supply zone and rose 46 Pips and then dropped.Now the price rose more than 92 Pips from bullish order block.
Note
The price had a massive bullish move after the NFP was released.More than 115 Pips from the bullish order block. (Second scenario)
The price almost reached the first target.
Don't forget to save some profit and move SL on BE.
Trade closed: target reached
TP 1 reached.More than 130 Pips so far.
Cheers 🥂
Trade closed: target reached
The price Broke the previous major high.All the TPs reached.
The result of this TA: More than 180 Pips.
Please close the entire position.
Cheers 🥂
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