FX:USDCAD   U.S. Dollar / Canadian Dollar
Reasons For

-We are now down trending on the 4 hour chart
-We always want to trade in the direction of the trend
-We are making lower lows and lower highs
-We are trading below key level at 1.4000 Which we broke with a strong downside move
-If we put a Fib in from previous Lower high to the new Lower low price is reacting to the 0.618 Level
-Sign of retrace Over ?
-We have put in two dojis in on the 4 hour time frame
-We have also come to our trend line that is acting as Res and also showing signs of bullish weakness

So if we put all those together on the 4 Hour time frame we are extremely bearish

If we look at the daily
-We are also making new lows and currently in a new forming down trend
The trend is your friend
-The biggest confluence for me is we have broken the previous higher low on the daily when the uptrend was in affect we have come lower then the previous higher low Which also signifies a change of trend and direction
-So after all the bullishness over the past couple years isit over ?
well for now we are in full affect to make a new lower low in this current trend which is at 1.3500

Heads up
Remember guys this pair is heavily influenced by Oil             so it is a more risky pair to trade but in terms of technicals it is a great setup :)

Also my entry is very aggressive id recommend waiting for a strong bearish candle on the 4 Hour time frame to confirm more confluence and be a strong selling setup as it confirms our momentum which is bearish So id Recommend waiting but if your a risk taker like me join me lol ;)

Only 65 pips Risk well worth the risk with a great Risk Reward of 1:6 :)

Trade safe
My entry 1.38897
Trade closed: stop reached: Really shocked that this one hit stop loss
but i am still bearish so i will be waiting for a rejection from 1.4000
Trade closed: target reached: anyways a really small loss of 65 Pips
doesnt' matter whether the loss is 65 pips or 100 pips. if you are using 2% risk per trade, it should be 2 % always. coz your lotsize is different when you stop loss is different
+1 Reply
Shame this one hit stop. Looking to re enter on this one soon, analysis seemed correct think we just got in that little bit too early...
Unlucky with this one earlier onto the next!!
I think you are right, though your SL does not make any sense
exactly! even I was waiting the price to break (fib level 0.5) .. but unfortunately went towards up! :(
Will you update this chart when it goes down?
Stay short mate, at around 1.40 region, your SL is alittle too close for comfort. Cheers!
+1 Reply
Yes i agree im still very bearish justs going to wait
+1 Reply
Excellent analysis!
+1 Reply
that's too soon. a rejection at 1.400 will be more like it. there is also a falling trendily to consider
+1 Reply
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