USDCAD: Triple Top Reversal?!

FX:USDCAD   U.S. Dollar / Canadian Dollar
Hi Traders,

I have been eyeing this setup for most of the week. There is a 2618 selling opportunity very close to market.

This pair has made a triple top (see marked on chart), which is a sign that we may see a bearish reversal and downside continuation in the coming week. I have a position ready to sell at the 61.8% fibonacci retracement , it has extra confirmation as this level comes in line with previous support turned resistance.

I place my stop above the triple top highs, because if price breaks this level I will be wrong.

Targets are at the 100% and 127.2% extensions of the move (See green boxes)

Good trading and have a great weekend all.

Trade active: Position opened overnight.
Trade closed: stop reached
+1 Reply
Nice chart
Why not to place stops at 1.31800? Even this stop is too large. Thank you.
+1 Reply
I like to give it room to breath, even if that means taking more risk on the trade. I can see why you would place stops just above previous structure at 1.31800, however it is the tops I am counting on to hold, not the actual 61.8% entry level. Luke
so we go sell now and our target is 1.29500 ?
That's my plan, however I urge you not to blindly follow other traders' ideas here on TradingView. Luke
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