Waiting on the sidelines.
USDCAD is ranging and has struggled to break above the 1.33400 level. However it is quite a side ways channel which preceeded a bullish move. I wont be selling at the top of resistance but instead I will be lookng to buy at the support. 1.32550 level.
If we break 1.32550 inpulsively I would be looking to go short once there is consolidation which would support more downside.
My ideal short level is 1.34500.
Therefore I am buying with this level in mind from the support of the sideways channel and supporting Trend Line.
See analysis
USDCAD is ranging and has struggled to break above the 1.33400 level. However it is quite a side ways channel which preceeded a bullish move. I wont be selling at the top of resistance but instead I will be lookng to buy at the support. 1.32550 level.
If we break 1.32550 inpulsively I would be looking to go short once there is consolidation which would support more downside.
My ideal short level is 1.34500.
Therefore I am buying with this level in mind from the support of the sideways channel and supporting Trend Line.
See analysis
Comment:
Comment:
I have taken 40% of my position with these two four hour candle sticks struggling so close to resistance. I am still targetting 1.34500 to 1.35 level where I will be looking for shorts.
If we break above I will be looking for a break and retest to add another position.
I will copy of reasoning for entry on the 15 minute below.
I have taken 40% of my position with these two four hour candle sticks struggling so close to resistance. I am still targetting 1.34500 to 1.35 level where I will be looking for shorts.
If we break above I will be looking for a break and retest to add another position.
I will copy of reasoning for entry on the 15 minute below.
Trade active:
Entered on the 15 minute. I had an alert for when price got to this level. Upon which there was the first rejection. (See arrow) Followed by a Bullish Pin Bar which is where I entered.
I still had a 34 pip risk which set me just be low the fake out.
I still had a 34 pip risk which set me just be low the fake out.