CADSGD looks good to go LONG now, but looks can be deceiving!

Reasons behind this idea:

1. Detected bullish squeeze on the 1Hr Timeframe by our algorithmic systems.

2. Stochastic indicators are headed in the oversold zone.

3. Bullish hammer candle pattern on a support trendline.

Caution: MACD indicators have crossed bearishly.

---------- Chart Drawings ----------

Red Line: Resistance Trendline
Blue Line: Support Trendline
Purple Line: Suggested Stoploss
Green Line: Suggested Take Profit


Please trade responsibly and good luck!

Comment:

Here is a screenshot of the idea from our mobile app ibb.co/KV92N5S

Please note the app is still undergoing internal testing.

Trade closed: stop reached:

Support blue line is broken and is now the new resistance line until it holds.

Here is the screenshot from our mobile app showing loss for the trade idea. ibb.co/JHWYrV8

Comment:

In this scenario the breakout was not fake or false, the market respected the new resistance trend line (blue line) and fell further down.