Forex trading pair: usd cad h4
Follow up on the previous post
Traders in the trade may have took full profit , partial profit at the highlighted area of confluence. About 167 Pips.
Lets see what happens Next!
Price broke through the area of confluence of the
This is how price works.
1. Price stops and range at the area of confluence
2. Price breaks through the area of confluence with a long bar
In this scenario point 2. happen.
Therefore, price broke through the area, stops at the 200ema, tried to when down further to the 365ema but failed, back test the area of confluence which will now act as a resistance. Nice long bearish bar down the 200 ema.
Where will price go next?
High chance the 365 Ema of course.