forexjunkie33
Short

Great chance to get short on USD/CAD 1hr chart

FX:USDCAD   U.S. Dollar/Canadian Dollar
99 2 5
3 months ago
We have a great chance to get short at previous structure.

We have a rising channel with bearish divergence on the RSI .

Entry was at 1.3390

Stops are at 1.3465

Target 1 is at 1.3291

Target 2 is at 1.3180
3 months ago
Trade active
invinci
3 months ago
hi, whats bearish divergence on rsi?
Reply
forexjunkie33
3 months ago
Hi, the RSI is the indicator at the bottom of my chart, where you see the the lines going up and down, RSI stands for relative strength index, it indicates how much momentum current price action has got.

As you can see on my chart there is a rising channel as i have drawn the trendline going upwards, but on the RSI at the bottom of my chart it is showing weakness in price action where i have drawn the trendline.

This indicates that the current trend is losing momentum and has a good chance that price action we come back down again.
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