5 Reasons to continue shorting USDCAD
1. Falling trendline seen on H4.
2. Strong bearish move – large bearish candles, few and smaller bullish candles.
3. Retracements are all weak and rather shallow.
4. Retracements are of shorter duration, regaining small territory and the slope of retracement lines getting flatter each time.
5. Support at 1.3930 already broken, traders were selling until the last moment on Friday.
I am ready to sell on a small retracement and will target the next support at 1.3860.
Price action at that level will determine whether I let this run or exit.
2. Strong bearish move – large bearish candles, few and smaller bullish candles.
3. Retracements are all weak and rather shallow.
4. Retracements are of shorter duration, regaining small territory and the slope of retracement lines getting flatter each time.
5. Support at 1.3930 already broken, traders were selling until the last moment on Friday.
I am ready to sell on a small retracement and will target the next support at 1.3860.
Price action at that level will determine whether I let this run or exit.
Comment:
Got stopped out. Either my analysis was wrong or my stop was too tight. Need to check what went wrong here.