USDCAD - Get on board for this short (TCT)

FX:USDCAD   U.S. Dollar/Canadian Dollar
After a rather successful trade to the downside on this pair (see link below), price has now retraced to what used to be a support level . I estimate the likelihood of this support becoming resistance now quite high and see it as an opportunity to go short again as a trend continuation trade (TCT).

The risk/reward ratio is exceptionally good. Cautious trades are looking at an approximate 2:1 for a drop down to the previous lows. More adventurous traders could shoot for extended targets being the previous resistance level around the 1.34 even handle which could become support now and presents an almost 4:1 RR.

Let me know what you think ! Constructive comments are always welcome !
Trade active: Faster than expected (thanks to the good CPI numbers) my pending short got filled.
Trade closed: target reached: It took a while and did not look good at some moments, but we finally reached targets.
What's up next ? Check the following idea :
USDCAD - Almost reached targets - Preparing for reversal
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Well done, you are having a good month I see :)
+1 Reply
I am thanks ... Simplified my trading strategies a bit, and it's working out quite well for now :)
well done!!
+1 Reply
Nico.Muselle MOD suprijadisoemoredjo
Thanks !
I think this one is right.but in my view the main resistant line is 1.3810 and in this 4hr candle it seems broke the resistant line but this candle just started. For me it will be safer to wait another 4hr to see the next candle reaction and hope we can get confirmation there. If the next candle confirm it is a fake break out then its good to go.
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hey CraigRan, thanks for sharing your opinion. It all depends on what type of trader you are. I'm quite aggressively entering my trades, some people require some more confirmation. Nothing wrong with either of the choices, both have their advantages and disadvantages and it really depends on personality I guess. :)
CraigRan Nico.Muselle
surely is ! Nice analysis you got here. Thanks for sharing to us and lets hope it wont break the resistance cos i have a CADJPY trade on going LOL.
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Well, it reversed where I predicted it would... now let's see if it wants to drop :)
Joined @ 1.3832 - Lets make those PIPS!
+1 Reply
Great ! I had my pending order @ 1.3830 :)
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