amanpaulbhogal

USD/CAD Bearish Divergence Set Up

FX:USDCAD   U.S. Dollar/Canadian Dollar
A bit late in posting, but since my entry short hasn't triggered, I though I'd write a quick post. So price met resistance at the 1.3350 area and closed underneath as a high test bar. A short entry signal is pronounced with the accompaniment of oscillator divergence on the Stochastic and RSI indicator. As it is Friday, there is a lull in the markets as usually is, price may still fail to trigger an entry short and they way the price bar appears now price action may close as an inside bar for which a short entry can be revised.

entry - below low of high test bar or low of inside bar
stop loss - above high of high test bar
target - previous low/lower
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