Following ideas help develop a long trade idea in USDCAD in 1 Hr Timeframe.
1. Price descending from high at 1.37048 is poking every low instead of closing below them. This is a Price signature of Market Makers inducing retail traders on sell side while they keep buying and enter long trades sneakily.
2. Price respecting Red slope line all-through while descending and acting as a slope support.
3. Price respecting the blue pitchfork drawn in pivots A-B-C.
4. Price respecting Blue dotted slope line coming from bottom lows.
5. Second degree bullish reversal divergence between Pivots 1 and 2.
6. Finally, a hybrid bullish bar (outside bar, previous candle high break out), other-wise bullish engulfing candle.
Entry: 1.35345
Stop Loss: 1.35800
Target: 1.37236
Note: The above view is for education purpose only.
1. Price descending from high at 1.37048 is poking every low instead of closing below them. This is a Price signature of Market Makers inducing retail traders on sell side while they keep buying and enter long trades sneakily.
2. Price respecting Red slope line all-through while descending and acting as a slope support.
3. Price respecting the blue pitchfork drawn in pivots A-B-C.
4. Price respecting Blue dotted slope line coming from bottom lows.
5. Second degree bullish reversal divergence between Pivots 1 and 2.
6. Finally, a hybrid bullish bar (outside bar, previous candle high break out), other-wise bullish engulfing candle.
Entry: 1.35345
Stop Loss: 1.35800
Target: 1.37236
Note: The above view is for education purpose only.
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