PriceActionTrading
Short

USDCAD "SHORT TERM" SHORT

FX:USDCAD   U.S. Dollar / Canadian Dollar
456 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.
I agree with you. USDCAD can go to 1.18
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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
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IvanLabrie PRO AndrewFx2020
Agreed, DXY is primed for a decline now, corrective in nature...but a decline and a large one too.
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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 :).
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PriceActionTrading PriceActionTrading
snapshot
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IvanLabrie PRO PriceActionTrading
Excellent ;) I banked on usdchf. 4.45%in a day risking 2%.
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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
Agree :)
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IvanLabrie PRO PriceActionTrading
Yep, also look at crude now...
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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?
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