FX:EURCAD   Euro / Canadian Dollar
Broke resistance area , might will continue highere. Long opportunity

Stuff to remember:

— First look for significant move, then follow it to its origins where you might find a suitable level to evaluate further

— Make sure the initial move is significant on the same timeframe as the one you use for viewing your candidate level most clearly

— Check the distance that price traveled before the trend ended, longer distances mean larger initial imbalances and improved probabilities in the future

— The strong initial move can contain a few small retracements but not so many that make this move slow and weak

— Avoid opposing levels on the same and immediately higher timeframes, prefer to have a clear road ahead for your trade to run

— Make sure your level is placed correctly (low for Demand, high for Supply) in relation to the big picture's important tops and bottoms

— Trading the first return of price to a valid "fresh" level carries the highest probabilities due to the larger imbalance

— A valid level is considered "fresh" if price has not returned to it since its creation. It has nothing to do with how old the level is

Comments

How come you call it a fresh supply zone since it has been tested on august 10th ,11th, 12th .....thanks in advance :)
Reply
@MZHAIT, It's maybe not the most fresh supply zone, but it have retested the resistance area earlier and without really creating a clear strong supply zones. The one i draw is a clear strong supply zone.
Reply
Hi Tradewonk, please share more of your views on EURCAD, thanks!
Reply
tradewonk puniciraj
@puniciraj, Sure
Reply
Keep up the good work Tradewonk!
Reply
tradewonk vevi9051
@vevi9051, Thank you!
Reply
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