Background:
- Daily reversal candle off daily resistance @ 79.2, round number area of 79 and channel resistance
- Bearish divergence is also observed
Entry:
- Sell stop at 78.9, low of daily reversal candle
SL:
- 50% of the entry candle fib level at 79.4
TP:
- TP1 at round number of 78.0
- TP2 at daily support area of 77.0
Alert:
- Would prefer to enter only when there is a 2nd reversal candle at the significant area however just try and see
- Close previous # USDCAD short - 14 October 2016 trade for this trade set up
- Major BAC rate announcement coming up in the next 15 hours, if entry triggered, might exit early or adjust my SL, depending on the price later on
- Daily reversal candle off daily resistance @ 79.2, round number area of 79 and channel resistance
- Bearish divergence is also observed
Entry:
- Sell stop at 78.9, low of daily reversal candle
SL:
- 50% of the entry candle fib level at 79.4
TP:
- TP1 at round number of 78.0
- TP2 at daily support area of 77.0
Alert:
- Would prefer to enter only when there is a 2nd reversal candle at the significant area however just try and see
- Close previous # USDCAD short - 14 October 2016 trade for this trade set up
- Major BAC rate announcement coming up in the next 15 hours, if entry triggered, might exit early or adjust my SL, depending on the price later on
Trade closed: stop reached:
Update - 20 October 2016:
- Price was bearish and close below the 18/10 reversal candle
- However, during the price came up and stop out my trade at 79.41 by freaking 1 pips! Ouch, SL placement.....:(
- Would further look for opportunity to short the CADJPY.
- Price was bearish and close below the 18/10 reversal candle
- However, during the price came up and stop out my trade at 79.41 by freaking 1 pips! Ouch, SL placement.....:(
- Would further look for opportunity to short the CADJPY.
