Akil_Stokes
Short

USDCAD: A Run Into Resistance w/RSI Overextended

FX:USDCAD   U.S. Dollar/Canadian Dollar
2 months ago
Keeping a close eye on USDCAD             this morning as price action makes it's way into previous structure resistance. I like to call these areas of the market "Decision Points" because depending on how price action reacts at this level, I'll know whether to look for a long or short opportunity.

If you take a look at the RSI we've become massively overextended (above the 80 mark). This DOESN'T mean a reversal is on the way, but it's certainly something that we can use to help build a case when combined with other factors.

Unless we get a higher high higher close above resistance I'll be looking for a short to add to my current GBPJPY             & EURJPY             long positions.

Hope this was informative traders!
2 months ago
Comment: Double top invalidated. No longer looking for Shorts on this Pair.
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Jimdandy
2 months ago
LOL... I made almost the exact same observations in a post a few moments ago... definitely one to watch.
+1 Reply
Akil_Stokes TOP Jimdandy
2 months ago
Nice! Great minds!!
Reply
ghostmtrading
2 months ago
Thank you Akil! I'm learning a lot from you
+1 Reply
Akil_Stokes TOP ghostmtrading
2 months ago
Great to hear!
+1 Reply
JohnQuid PRO
2 months ago
Trade active. has a very bearish bias on the 1h think this one is about to collapse
+1 Reply
Akil_Stokes TOP JohnQuid
2 months ago
We'll have to see. Whether it wins or loses, my job is to execute a good trade and that's been done. now it's up to the markets
Reply
Akil_Stokes TOP JohnQuid
2 months ago
Sorry I though this was the USDJPY Chart
+1 Reply
Lakers PRO
2 months ago
Nice one, cheers mate. I'm not jumping in just yet but I am watching this now thanks to you.
+1 Reply
Akil_Stokes TOP Lakers
2 months ago
Awesome, always follow YOUR Plan
Reply
SiamSamuhatananon
2 months ago
What should i TP sir :)
+1 Reply
Akil_Stokes TOP SiamSamuhatananon
2 months ago
It all depends on what's in your trade plan. in trades like this you'd probably want to use either fibonacci or structure based targets
Reply
SiamSamuhatananon Akil_Stokes
2 months ago
thank you sir
+1 Reply
Akil_Stokes TOP SiamSamuhatananon
2 months ago
No problem
Reply
Kareem
2 months ago
Did you manage to find a reason for entry on the lower time frames?
+1 Reply
Akil_Stokes TOP Kareem
2 months ago
I did not, I don't day trade on Monday's so I wasn't able to drop down to any. Plus I was teaching this morning during the reversal which stopped any chance of an aggressive entry
+1 Reply
cubbies28
2 months ago
the 1.31150-1.31400 area has been a tough wall to break for a sometime. back down to 1.28ish area it looks like.
+1 Reply
Akil_Stokes TOP cubbies28
2 months ago
I agree, looks like pretty decent level up there around 1.3140's
Reply
33788 PRO
2 months ago
In at 1.3120 small lot then added to position 3100 the retest and dovish fundamental news. Hope Dollar Index further collapses and oil makes a bull run. Good analysis indeed. Thanks for the share.
+1 Reply
Akil_Stokes TOP 33788
2 months ago
Thanks, and good luck with your trade!
Reply
PaganZonda
2 months ago
Looks like its on a mission to offer us a chance for a re entry.
+1 Reply
Akil_Stokes TOP PaganZonda
2 months ago
A double top would be nice
Reply
PaganZonda Akil_Stokes
2 months ago
Indeed broe...!
Reply
d.abdelrhmansabry
2 months ago
now it's a short point, isn't ?
+1 Reply
Akil_Stokes TOP d.abdelrhmansabry
2 months ago
Only your trading plan can answer the question of weather you should get short or not. It is certainly in an area where I would look to get short vs. getting long
+1 Reply
WilliamSurya
2 months ago
could this be a bearish butterfly pattern?
+2 Reply
Akil_Stokes TOP WilliamSurya
2 months ago
Yes, the current move can be part of the C to D completion for a potential bearish butterfly on the daily timeframe
Reply
QuileHills
2 months ago
May get some bearish divergence formed soon on the 4H RSI (14 period) which is one of the signals I use.
Reply
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