PateSkpate

USDCAD 60min Balance Area Breakout Opportunity

FX:USDCAD   U.S. Dollar/Canadian Dollar
USDCAD             has had 9 Straight days of Advance and has been VERY Bullish . It's currently in a nice Rising Channel . The Balance Area at the highs looks like Distribution to me. A lot of times this is a "topping pattern". So, I'm waiting for a Break & Close out of the Balance Area (Yellow Box) and will enter a short position.

Stops - Will be 1 ATR above the Breakdown Bar.

Target #1 - Will be a measured move of the Balance Area (Purple Line)

Target #2 - Will be at Minor Support for a downside breakdown. 1.618% for the upside breakout

You can see that the RSI has massive Divergence at the highs as well.

I will also take the trade to the upside but I think the downside breakdown is the most probable scenario.
Trade closed: target reached: Well the upside scenario played out.. Wasn't expecting that.. Thats the nice thing about waiting and letting the market tell you which way its going before you position yourself :)
wow same thing I was looking at !!!
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PateSkpate AngellD21
Great minds think a like!! :)
+1 Reply
Nice work! All the best to ya.
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PateSkpate rozela99
Thanks buddy!
Reply
Well that breakout escalated quickly!
Reply
rozela99 PateSkpate
Well done sir! Well Done!
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