patelsa
Short

USDCAD - Short Term Sell Idea

FX:USDCAD   U.S. Dollar/Canadian Dollar
83 2 19
a year ago
Reasons for sell:
- Divergence forming on the 4H
- Potential completion of wave 3 in this part of the correction

TP1 - Closest trend line (orange line).
TP2 - If orange line is broken and price consolidates within that area, I would look for a further short to the larger timeframe trend line (blue line).
a year ago
Comment: Closed position for +1. Looking for a break of the consolidation. The fib 38.2 of the last swing low to high seems to be holding as support at present. If your bias is short, potentially look for a close below and re-test of that level.
is the move up over?
Reply
patelsa PRO
a year ago
Potentially. As there is divergence forming on the MACD at the new high. Prices looks to be going through a corrective structure at present, which could be part of a bigger ABC pattern to the downside. Hence the lower risk trade set-up.

It could also go to test the highs before continuing the correction.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out