We are in the downtrend on this
USDCAD
pair. Price has found a support and that's were we at right now. If the price comes back up to the area market on the chart, I will be looking for Short entry. The area marked in blue is a decision point which has confluece levels of various Fibs and harmonic move. Stops are going above this previous high with 2 targets in mind. First one at 38.2 retracement from swing low to swing high of the same move and the second target would be at 61.80 retracement. It's 1:1 RR to target 1 and 1:1.6 to target 2
USDCAD
pair. Price has found a support and that's were we at right now. If the price comes back up to the area market on the chart, I will be looking for Short entry. The area marked in blue is a decision point which has confluece levels of various Fibs and harmonic move. Stops are going above this previous high with 2 targets in mind. First one at 38.2 retracement from swing low to swing high of the same move and the second target would be at 61.80 retracement. It's 1:1 RR to target 1 and 1:1.6 to target 2
Trade closed: target reached