PriceActionTrading
Short

USDCAD "SHORT TERM" SHORT

FX:USDCAD   U.S. Dollar/Canadian Dollar
455 18 11
JUST AN IDEA, FOR A QUICK GET IN GET OUT TRADE.
I WOULD SAY THIS IS CONTRA TREND WITH LOW RISK REWARD.
THIS IS BECAUSE IF YOU TAKE THIS TRADE, YOU ARE TARGETING THE BOTTOM OF THE CHANNEL WHILE PRICE IS AT THE MID OF THE CHANNEL CURRENTLY.
USUALLY BEST PLACE TO TRADE RANGES IS AT THE TOP OR BOTTOM.

PERSONALLY I DO NOT THINK THAT THE PRICE CAN BREACHED THE LOWER BARRIER OF THE CHANNEL.

BASIS FOR QUICK TRADE IS AS FOLLOW.
D1 PRICE FORMED A "GRAVESTONE DOJI" FOLLOWED BY AN INSIDE BAR
THIS TWO FORMED AROUND THE D1 50SMA AND 20SMA.
D1 PRICE REJECTED FROM DESCENDING TRENDLINE THREE TIMES
BREAK OF A GRAVESTONE INSIDE BAR IS A STRONG SELL SIGNAL USUALLY, BUT ONLY FOR A SHORT TERM MOMENTUM AS IN THIS CASE OUTLOOK IS STILL BULLISH RANGING.

REWARD TO RISK IS 1.5 AT BEST.

SUBSCRIBE LIKE AND COMMENT MY IDEAS IF YOU AGREE OR DISAGREE.
HAPPY PIPPING.
moneymaking
2 years ago
Hey Priceaction, I agree with you. I am waiting for a break and close below 1.2562 level and short at the retest. Possibly targeting for the channels lows, as you mentioned. Thank you for sharing and good luck!!
Reply
PriceActionTrading moneymaking
2 years ago
Great. Good luck.
Are you looking for a break and close below 1.2562 on the H4 level?
I actually have no intention of trading this.
Just wanted to post this great setup, hope it can help others get some good pips. Keep your stop tight for this one.
+1 Reply
moneymaking PriceActionTrading
2 years ago
Ya, I was looking at 4 hour. I'll make sure to actively manage this with tight stops and keeping in mind the 3 high impact news coming out from US at 8:30 pm tomorrow. Thank you for the advice :)
Reply
This should work, 99% sure.
+1 Reply
PriceActionTrading IvanLabrie
2 years ago
99% sure. wow. That's a comment worth upvoting.
Still i wont be in on this trade.
Good luck mate. All the best.
Reply
IvanLabrie PRO PriceActionTrading
2 years ago
My 99% sure is correct 61% of the time, at least per mql5...but well. :)
Take the trade! Give usdchf a look, maybe you find it more compelling.
Reply
PriceActionTrading IvanLabrie
2 years ago
Yes i did gave a look. USDCHF is looking good.
However, i do not trade USDCHF as it is not on my watchlist and is highly correlated to EURUSD (90% to be exact according to mataf).
I trade EURUSD.
If you look at my profile there should not be a single USDCHF idea. Haha. I decided a long time ago that i will not trade USDCHF.
Patterns you can find on USDCHF are also quite present at the EURUSD, why not just trade EURUSD due to higher liquidity.
Just my thoughts.
+1 Reply
moneymaking PriceActionTrading
2 years ago
Agree :)
Reply
This could be the beginning of B/C leg of a bearish gartley or crap pattern... I'll jump in on this.

Also, I expect the USD to weaken now, so this should also provide some short term short's.

snapshot


snapshot
Reply
IvanLabrie PRO AndrewFx2020
2 years ago
Agreed, DXY is primed for a decline now, corrective in nature...but a decline and a large one too.
Reply
PriceActionTrading IvanLabrie
2 years ago
Alright. i have closed my sell trade at market. not that comfortable sleeping knowing this trade is still on, though profit could be more but i am always on the safe side.
there is always another opportunity lying around. like how GBPUSD and AUDUSD are retracing to my sell zones,
especially GBPUSD.
keep a lookout traders.

subscribe like comment on my ideas if you agree or disagree. or if i have brought pips to you through my ideas :).
Reply
PriceActionTrading PriceActionTrading
2 years ago
snapshot
Reply
IvanLabrie PRO PriceActionTrading
2 years ago
Excellent ;) I banked on usdchf. 4.45%in a day risking 2%.
Reply
PriceActionTrading IvanLabrie
2 years ago
This pair is definitely testing its low right now. If i were still in, i will get out. This idea was not meant to be a "trade the breakout" idea. Its more like a "get to the bottom of the channel" idea. Which it did.
+2 Reply
moneymaking PriceActionTrading
2 years ago
Agree :)
Reply
IvanLabrie PRO PriceActionTrading
2 years ago
Yep, also look at crude now...
Reply
PriceActionTrading IvanLabrie
2 years ago
USDCAD sure is getting out of control.
That gravestone doji has certain casted its ill fate onto this pair causing it to breakout of the D1 triangle.
Normally, following the downside breakout of a range. I would enter short at retest of the once support turned resistance, but the 300 pips move yesterday seems suspicious.
I would stay out of this pair for a while now.
Too much selling theres no more sellers left while i dont think anyone would want to buy at this right?
Reply
plahotya
2 years ago
I agree with you. USDCAD can go to 1.18
USDCAD Triple Head and Shoulders patterns
Reply
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