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Fxprotrader
Jun 28, 2018 8:59 AM

USDCAD: Double Top Pattern at Key Resistance Zone Short

FX:USDCAD240
U.S. Dollar/Canadian DollarFXCM

Description

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Price has formed a double top pattern at a key resistance zone better seen at the daily chart below. The pattern forms at a level where we do have the fib projections of previous uptrends in addition to previous structure.

Selling the breakout of the pattern's neckline is our option..!

Daily Chart (Resistance Zone)


RSI is overbought

Trade active

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Price broke below the trendline. Sell orders got filled. Let's go!

Comment

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I get questions about sl and tp for this setup. Sl should be placed above the double top highs - 1.3400.. As for tp for those who wish to set and foregt a target 1.30500 would be a realistic level. I will update when we should move our stops to BE for a risk free trade..!

Comment

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Price is dropping for good..! Move your stops at BE and enjoy a risk free trade ;)
Trend AnalysisChart PatternsUSDCADDouble Top
Comments
CezaryS
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I am too :)
AntonioM
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i already have 75 pips ;) this could be a really nice trade!
Good luck!
Fxprotrader
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@AntonioM, Very glad to hear mate ;)
CNotes1234
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I see the 250 ema seems to be a resistance point(as in now)... New to forex, so was wondering the TP and the timeframe of trade?
CNotes1234
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*support on daily. I need sleep. I locked in profit for now...first week trading forex, so forgive my ignorance.
Fxprotrader
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@Caitnoted, Timeframe is 240min.. As for tp look above in comments section
BoiMarco
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...whats the TP for this trade? i jumped in as soon as i saw the notification of sell orders being filled...
Fxprotrader
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@BoiMarco, Look above in comments section ;)
martijn_vdb
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Hey! nice chart but where would you put your SL above trendline!
Fxprotrader
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@martijn_vdb, Place it above double top's highs..!
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