Hi guys, earlier today i've posted another idea about this pair, but the scenario is now changed. As you can see price broke through the previous support and it's now sitting right into previous resistance (that should also provide some selling pressure). In this resistance zone we also have some confluence: a bat pattern (just completed), a psychological round number (1,4100) and a 618 fibonacci retracement. Furthermore, the RSI is deeply overbought right now. All those reasons together make me think this could be a nice reversal zone for this pair. I'll let you know if i'm getting involved.
If you have any questions, feel free to ask below. Otherwise, see you in the next chart!
USD/CAD But it's still a valid sell order, isn't ? It looked so promising :-(
Roker1
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@Glendooie, it doesn't fit my rules anymore so i wouldn't be interested in entering a position. I know it looked promising but we should never forget that markets are a random environment, we can assume our performance over the lung run, but we cannot have control on the single trade.