I think this is the case here. We have reached the profile point of balance projection from the low to the longterm mode of this uptrend. As expected, price sharply reversed in one day, consuming almost 3 days worth of progress. I'm waiting for the daily close to enter short, will update the chart once I'm ready, also adding 4h charts to better illustrate the price action that supports my thesis. I think this is a very good trade, potentially worth risking 1% (my full position allocation). Entry will be divided in two with a partial TP to make the rest of the trade risk free. Good luck, Ivan.
I think its another way around, current correction could be a good long entry. But, price now at the key support and if/when broken then I'd consider it as a potential reversal down
moneymaking
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Hey Ivan, you probably entered right at the top of a potential reversal. All the BEST mate :)
IvanLabrie
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Sadly, no, I didn't catch it.
I removed a lot of pairs from my portfolio though.
Whaoo, I actually did the same thing as you mate. I was also looking at way to many pairs, which lead to unnessecary losses, especially during the month of August. Need to stay diciplined, it's really easy to get off track. You will probably make a killing on usdcad short. All the BEST mate :)
Nick_C_
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Great call! still a lot of opportunity to short pullback
FullTimeTrader
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Well done! this pair has a huge potential decline.
IvanLabrie
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Let's see how it goes, looks promising.
IvanLabrie
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Waiting to sell on retracement soon, probably before the 27th.
#1 sell limit 2.07237, SL @ 2.09133, TP @ 2.05341
#2 sell limit 2.07237, SL @ 2.09133, no TP
1% risk total.
Let's see how it goes.