USD/CAD - Movement Lower?
Updated
Currently very overextended to the upside.
We are testing a strong Orderblock in Premium that lines up perfectly with the OTE of the Fib taken from the Higher High.
There are several imbalance levels that should get filled in.
We have an un-manipulated Trendline that has lots of retail money on it, therefore we should see price reach there to manipulate this level.
There's also a W formation on the H1 timeframe that the market should trace towards - the neckline (where it says "First Target". Should we reach through this level I'm expecting price to reach down into the Bullish Discount Orderblock that we should see a reaction happen within.
As much as I don't like indicators, I use the RSI occasionally to find divergence / overbought / Oversold levels. Inside this bearish orderblock we are currently testing, we are very overbought, meaning that we should see price make a move down.
We are testing a strong Orderblock in Premium that lines up perfectly with the OTE of the Fib taken from the Higher High.
There are several imbalance levels that should get filled in.
We have an un-manipulated Trendline that has lots of retail money on it, therefore we should see price reach there to manipulate this level.
There's also a W formation on the H1 timeframe that the market should trace towards - the neckline (where it says "First Target". Should we reach through this level I'm expecting price to reach down into the Bullish Discount Orderblock that we should see a reaction happen within.
As much as I don't like indicators, I use the RSI occasionally to find divergence / overbought / Oversold levels. Inside this bearish orderblock we are currently testing, we are very overbought, meaning that we should see price make a move down.
Trade active
Nice reaction from the OB, my sell limit triggered. Lets see what happens ...Comment
IMPORTANTHmm, that's weird. I posted this analysis 10 minutes before Sunday Market Open, but that was before this bearish reaction happened on the Orderblock. But it showed my analysis after market open, which kinda sucks because I posted the analysis before we traded lower from the OB. It's fine, my sell limit triggered on the OB so I still called this level out before we started dropping...
Comment
First Imbalance Target Reached !Comment
Second Imbalance Target Reached !Comment
Third Imbalance Target Reached !Trade closed: target reached
"First Neckline Target" Reached !Comment
Ultimate Target at the Orderblcok Reached ! Beautiful Reaction exactly on the Orderblock just as expected. What a beautiful trade. If anyone Capitalized, congrats :)
Comment
ICT concepts really make it possible to call the highs and lows of the market, wow.
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.