lyl89
Short

USDCAD - Bearish Butterfly on Daily chart

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD Analysis
Price is currently above the Daily ED channel.
However, I have spotted a bearish butterfly , waiting for price to close in the PRZ.
I will be monitoring RSI and H4 TF for entry.
RSI is at overbought level on H4 TF now, awaiting bearish divergence.

Note :
This is a counter trend trade, so monitor your trade closely, I might not choose to wait till TP1 if I were to enter.
Trade active: Shorted at 1.338, aiming for mini profits.
Comment: Conservative SL @ 1.34 and TP @ 1.335.
Trade closed: stop reached: Almost hit 30 pips TP a while ago but retraced and hit 20 pips SL instead.
USDCAD is rather volatile now, I shall move on to other pairs.
Great mate ! Shorted too
Reply
lyl89 GoldHunter
nice! took reference from USOIL, seems to be slowly picking up now as well.

Reply
Price retraced too quickly when it reached PRZ, I did not enter due to a higher risk to reward.
Seems to be retesting PRZ again, might be able to short, wil be monitoring RSI.
Reply
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