Akil_Stokes
Short

USDCAD: A Run Into Resistance w/RSI Overextended

FX:USDCAD   U.S. Dollar/Canadian Dollar
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!
Comment: Double top invalidated. No longer looking for Shorts on this Pair.
LOL... I made almost the exact same observations in a post a few moments ago... definitely one to watch.
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Nice! Great minds!!
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Thank you Akil! I'm learning a lot from you
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Akil_Stokes PRO ghostmtrading
Great to hear!
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Trade active. has a very bearish bias on the 1h think this one is about to collapse
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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
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Sorry I though this was the USDJPY Chart
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Nice one, cheers mate. I'm not jumping in just yet but I am watching this now thanks to you.
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Awesome, always follow YOUR Plan
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What should i TP sir :)
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Akil_Stokes PRO SiamSamuhatananon
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
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thank you sir
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Akil_Stokes PRO SiamSamuhatananon
No problem
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Did you manage to find a reason for entry on the lower time frames?
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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
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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.
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I agree, looks like pretty decent level up there around 1.3140's
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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.
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Thanks, and good luck with your trade!
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Looks like its on a mission to offer us a chance for a re entry.
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A double top would be nice
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PaganZonda Akil_Stokes
Indeed broe...!
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now it's a short point, isn't ?
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Akil_Stokes PRO d.abdelrhmansabry
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
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could this be a bearish butterfly pattern?
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Akil_Stokes PRO WilliamSurya
Yes, the current move can be part of the C to D completion for a potential bearish butterfly on the daily timeframe
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May get some bearish divergence formed soon on the 4H RSI (14 period) which is one of the signals I use.
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