USDCAD - Short to 1.1940
1W Timeframe
Week Trade #3
This week looking for a SELL opportunity only for this pair for a total target of 200 pips.
Pivot Point @ 1.2178 was broken but fast approaching critical Resistance level @ 1.2240, believe a set-up for reversal is pending. Note that a break and hold ABOVE 1.2240 will be confirmation that bullish trend will continue.
Primary level to break and hold BELOW is 1.2155 to confirm strong bearish trend in play:
Tentative:
SELL Entry Market Order @ 1.2140
T/P @ 1.1940
Price could go as low as 1.1900 or within range of 1.2080 to 1.1900 but will take T/P at above target in accordance to my own trading rules and strategies.
S/L will follow as price moves in projected direction at rate of 10-15 pips above. Entries/Exits may change in accordance to further analysis at beginning of week.
R3 1.2338 R2 1.2279 R1 1.2237
S1 1.2136 S2 1.2077 S3 1.2035
Updates / Adjustments / Results will be reflected in updated comments.
* Personal analysis only. Please use your own rules and strategies prior to entering market.
** Forex trading involves HIGH RISK.
Before entering a trade, carefully consider your objectives, financial resources and level of experience.
1W Timeframe
Week Trade #3
This week looking for a SELL opportunity only for this pair for a total target of 200 pips.
Pivot Point @ 1.2178 was broken but fast approaching critical Resistance level @ 1.2240, believe a set-up for reversal is pending. Note that a break and hold ABOVE 1.2240 will be confirmation that bullish trend will continue.
Primary level to break and hold BELOW is 1.2155 to confirm strong bearish trend in play:
Tentative:
SELL Entry Market Order @ 1.2140
T/P @ 1.1940
Price could go as low as 1.1900 or within range of 1.2080 to 1.1900 but will take T/P at above target in accordance to my own trading rules and strategies.
S/L will follow as price moves in projected direction at rate of 10-15 pips above. Entries/Exits may change in accordance to further analysis at beginning of week.
R3 1.2338 R2 1.2279 R1 1.2237
S1 1.2136 S2 1.2077 S3 1.2035
Updates / Adjustments / Results will be reflected in updated comments.
* Personal analysis only. Please use your own rules and strategies prior to entering market.
** Forex trading involves HIGH RISK.
Before entering a trade, carefully consider your objectives, financial resources and level of experience.
Comment:
Sell Entry in place.
Comment:
SELL Entry Order changed to 1.22072
Trade active
Comment:
Watch for firm break below 1.2220 to open path toward 1.1900 levels.
Comment:
S/L set accordingly.
Trade closed: stop reached:
S/L reached - Trade closed.
Total P/L = (-) 43.3 pips
Total P/L = (-) 43.3 pips