USDCAD short on confluence of various levels of resistance
Hello traders, I really like a short here for USDCAD as we are at the top of the daily resistance, this means that we can keep our risk small for a trade with the overall trend.
We are trading on the confluence of at least 3 factors:
1.- Last quarter high
2.- A bulls take profit level because we reached AB=CD in the current swing, which is a common way of measuring a trend.
3.- A pitchfork resistance level. The pitchfork that describes this swing shows that price can't cross the upper parallel line.
This can be part of a large swing down so don't be afraid of targeting hundreds of pips from here.
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We are trading on the confluence of at least 3 factors:
1.- Last quarter high
2.- A bulls take profit level because we reached AB=CD in the current swing, which is a common way of measuring a trend.
3.- A pitchfork resistance level. The pitchfork that describes this swing shows that price can't cross the upper parallel line.
This can be part of a large swing down so don't be afraid of targeting hundreds of pips from here.
If you like, subscribe.
Comment:
Waiting for a bearish formation