USDCAD forex major cross pair spent a few weeks ranging attacking smaller timeframe imbalances as explained in previous analysis USD CAD strong imbalance. We expected a bearish impulse and that’s exactly. This sell-off helped USDCAD to reach weekly imbalance around 1.3425 where longs would have been possible.
Being away of these strong price levels and imbalances is key to having success as a Forex trader. Trading the smaller timeframes using intraday levels and intraday forex strategies is possible if you know how to locate new supply and demand imbalances on a price chart.
See the updated analysis for USDCAD major cross pair below.
This is the kind of price action technical analysis you will learn in our trading community. You will learn how to locate new supply and demand imbalances and trade without using any indicators, no news, no fundamental analysis, no earnings announcements, no volume or VSA analysis. Just supply and demand imbalances with our best supply and demand trading course.
Trading supply and demand imbalances is ideal for beginners and those with a full or half time job, you won’t need to stay in front of the computer all day long trying to move price action with your mind.
As supply and demand traders, we do not need to pay attention to the news, fundamentals or any earnings reports. Once a big timeframe imbalance has gained control, earnings do just the opposite and react strongly to those imbalances. Why is it that you see positive earnings and then the underlying stock drops like a rock, or a negative earnings announcement and the stock rallies like a rocket out of control? You are probably missing the fact that there are big imbalances gaining control.
Unless you are doing very short term trading and scalping, you should not worry about fundamentals or earnings announcements.
You can use these imbalances to plan your trades in lower timeframes. Trading is just waiting for the right trigger points and scenarios to present themselves, this game has got a name and it’s called the waiting game. We need to patiently wait for the correct scenarios and setups to happen and wait for the price to pull back or dip into the price levels we want to trade, in our case these price levels are made of supply and demand imbalances.
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