A bearish flag pattern has formed on the daily USD/CAD chart following a peak and reversal in its previous uptrend. The pole and the flag borders are shown with the yellow lines. The stop-loss level (the red line at 1.35296) is set to the highest point of the flag area. The take-profit level (the green line at 1.31309) is set to the pole's length subtracted from the stop-loss level. I will open this short position only if the currency pair closes significantly below the flag's lower border.
Comment:
SL moved up to 1.35525, TP moved up to 1.31555 as the pattern continued developing.
Trade active:
Short position entered yesterday at 22:28 UTC with open price at 1.34655.
Trade closed: stop reached:
The trade hit its SL (1.35525) at 13:49 UTC today.
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