This chart is for USD/CAD (30-min timeframe) and shows a clear bearish setup.
Here’s the breakdown:
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1. Pattern
Price is moving inside a downward channel (highlighted in pink).
Currently near the midline of the channel with potential to retest the upper boundary.
The plan here seems to be a sell setup after a small bullish pullback.
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2. Key Levels
Entry Point: 1.39286 (after price pulls back into the blue zone).
Stop Loss: 1.39392 (just above the channel and resistance zone – good risk management).
Target Point: 1.38880 (near the lower channel boundary, aligning with previous support).
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3. Risk-to-Reward Ratio (RRR)
This setup offers a favorable RRR (roughly 1:3), meaning potential reward is about 3x the risk.
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4. Bias
Bearish bias – expecting continuation of the downtrend after price retests resistance.
The market is respecting the descending channel, and unless price breaks above 1.3940, sellers remain in control.
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5. Confirmation to Watch
Look for rejection candles or bearish engulfing in the blue zone before taking entry.
If price breaks and closes above 1.3940, this setup becomes invalid (bullish breakout likely).
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✅ Summary:
This is a well-planned short (sell) setup. Wait for price to pull back to 1.3928 – 1.3930, then sell with stop above 1.3940 and target near 1.3888.
Here’s the breakdown:
---
1. Pattern
Price is moving inside a downward channel (highlighted in pink).
Currently near the midline of the channel with potential to retest the upper boundary.
The plan here seems to be a sell setup after a small bullish pullback.
---
2. Key Levels
Entry Point: 1.39286 (after price pulls back into the blue zone).
Stop Loss: 1.39392 (just above the channel and resistance zone – good risk management).
Target Point: 1.38880 (near the lower channel boundary, aligning with previous support).
---
3. Risk-to-Reward Ratio (RRR)
This setup offers a favorable RRR (roughly 1:3), meaning potential reward is about 3x the risk.
---
4. Bias
Bearish bias – expecting continuation of the downtrend after price retests resistance.
The market is respecting the descending channel, and unless price breaks above 1.3940, sellers remain in control.
---
5. Confirmation to Watch
Look for rejection candles or bearish engulfing in the blue zone before taking entry.
If price breaks and closes above 1.3940, this setup becomes invalid (bullish breakout likely).
---
✅ Summary:
This is a well-planned short (sell) setup. Wait for price to pull back to 1.3928 – 1.3930, then sell with stop above 1.3940 and target near 1.3888.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
join my telegram channel t.me/goldmitalteam
t.me/goldmitalteam
t.me/goldmitalteam
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.