USDCAD: Pending Sell Setup Using Median Line Analysis

FX:USDCAD   U.S. Dollar / Canadian Dollar
745 8 26
Price has broken below a short term uptrend, has pullbacked and tested the upper parallel of a median line set, where it bounced heading down. We may soon have another test of the upper parallel and in that case i am going short with sl and tp as shown at the chart. Two day ago i posted a chart on the same pair indicating a bullish bat pattern at a slide parallel of an upsloping ml. If this trade works well and price falls most likely we should have the completion of the bat. So let's see how things setup!

Comment: Price reached the upper parallel
Comment: This setup was a unsuccessful one.. My view is still bearish with USDCAD so i will update this post with my new idea going short. We may see that price has dropped with an impulsive move and it's now consolidating at the upper quartile of the median line set ( i draw a new set based on structure). We should now watch for a pullback to the upper parallel of the pitchfork and watch for a sell setup to complete in order to go short with potential tp the median line. I will update if we have a setup completion
Do you think though that lack of an OPEC decision this Wed 30th Nov will make the CAD weaken further?
@margaux, I don;t care about the news margaux..! Technical analysis is all i do..
margaux Fxprotrader
@Fxprotrader, OK, got it. Thanks.
It is mean we can open short position ?
BhaktaBasics monalisa.sumendap
@monalisa.sumendap, If your strategy and money management rules allow it, then yes.
Fxprotrader BhaktaBasics
@BhaktaBasics, That's a great answer..!
Fxprotrader monalisa.sumendap
@monalisa.sumendap, Yes, i am already in..
BhaktaBasics Fxprotrader
@Fxprotrader, Me too. Thanks Fxprotrader for spotting this one!
+1 Reply
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