Sam.Distraction
Short

Trying the new Trading View Tool "The Arc" on Loonie

FX:USDCAD   U.S. Dollar/Canadian Dollar
379 7 10
The Loonie reached my target zone according to my last published chart (https://www.tradingview.com/chart/USDCAD/sW7r1KGA-What-Loonie-USDCAD-is-offering-us/) and now the momentum is getting slower. So, its good to look for short opportunities now.
The description is on the chart that why the current zone is turning out to be a strong Resistance area , One thing to notice here that there is no reasonable structure on the left but we got good number of reasons to confirm this as a strong Resistance zone .
I used the new tool "The Arc" in this chart to see the results. I will see how price will react to the arcs and how I can use it more efficiently and under which scenarios it would be helpful.
The idea will get invalid if we get the candle close above the recent highs. The target is the previous structure around 1.23 area. In my opinion UC             will move in a 250 pip range this week, so for me this target is good enough.

Thanks for your time, I would love to hear your opinion, feel free to comment and if you like the idea then hit the thumbs up button.
Cheers.

We nailed it:)
+1 Reply
Yeah :) Although we made a new high yesterday which turned out to be a false breakout.
+1 Reply
But as I mentioned in the description that the idea will get invalid if we get the daily close above the previous highs. So at the end of the day the daily candle closed below the previous highs and also below the bearish TL.
snapshot
+1 Reply
Another good chart from you...go pro
+1 Reply
Thanks mate. :)
+1 Reply
bearish RSI at 4h chart, looks good to short in this area
snapshot
+2 Reply
Thanks for pointing out the bearish divergence on 4hr TF, I haven't noticed that divergence. :)
+1 Reply
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