USD/CAD SHORT - Shooting Star/Trend Line Bounce, HL/LH

The pair has been making HH's and LH's on the 1HR chart, it has also been bouncing from a 1HR descending trend line and has formed a shooting star on the 1HR chart. However there has been a 4HR hammer and bullish engulfing candle, which says the pair will go long. But the Daily shows a shooting star and bearish reversal, and the monthly has formed an indecisive doji last. And finally, the Weekly fib if drawn, shows that the price action currently is bouncing from the 0.5 level and going to the downside. Slightly mixed confluence, however, i am confident it will reverse.

TP @ 1.31972
SL @ 1.32769
R/R @ 3.55

Trade closed: stop reached:

Chased the trade gain, didn't pay attention to H4 price action

Comment:

Should have waited to the H4 close, took the trade, and this would have been a nice win.