-- We have lower highs if you zoom out you can see this pair FX:USDCAD has be declining.
-- I posted a long position yesterday which has been met.
-- ABCD just at the TL
-- I expect price will Fulfil the D Leg then reverse from the PRZ highlighted in grey
Feedback Appreciated :)
Trade active
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currently 40pips in entry covered
Trade closed: target reached
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Comments
MarlyForex
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Display : USDCAD YESTERDAYS LONG POSITION
As you can see price broke out of the triangle to the upside complimenting structure. Therefore there is a strong possibility it will do the same and resume its trend. Exactly where we broke out is where price is likely to retest however we have an ABCD coming of that out targets will be 0.382 & 0.618
Comments & Ideas Appreciated
Forexstrong
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I'm with you with the confluence and the reason for the trade. However, if you look out further you have Oil coming back to earth and USD strengthening. Plus we have had 9 straight weeks of USD/CAD lower candles. I'm not trying to talk you out of it. Backdrop could be better.
MarlyForex
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Thank you i appreciate the heads up. However i do trade purely of technicals.. so this short position isn't set in stone until i see some bearish PA.
This trade will purely be taken because of the primary trend & structure followed by the ABCD. Thanks again :)
Display : USDCAD YESTERDAYS LONG POSITION
As you can see price broke out of the triangle to the upside complimenting structure. Therefore there is a strong possibility it will do the same and resume its trend. Exactly where we broke out is where price is likely to retest however we have an ABCD coming of that out targets will be 0.382 & 0.618
Comments & Ideas Appreciated