USDCAD Short Term Sell Setup At Key Level

FX:USDCAD   U.S. Dollar / Canadian Dollar
Although our main view is bullish we have a nice sell opportunity on USDCAD             . Price is testing both the upper parallel of a down slope median line and the lower quartile of a longer term pitchfork . We may sell at that level and aim for the lower parallel of the up slope fork.

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Comment: Price has closed above resistance. We should close this trade with a small loss.
Comment: That's a great example why is crucial to cut early your loss when you believe your setup is going the way you planned it..

Here i was expecting a bounce from my entry point but i saw price correcting preparing for a new wave up. I closed my position for a small loss and i now see price have reached my initial stoploss.

There is nothing selfish in trading. Taking small losses is just fine! More beautiful setups are coming!
It is beautiful how the human brain works. And the psychology involved in it. I had a bearish view on this pair as well, but I got burned twice. The funny thing is that I am holding a medium-long term short on oil, so I just gotta move on like you said. I do have to say that I found you today, and boy am I impressed with your set up. Most of them are on point, so you've gotten a new follower from now on.

Thank you!
Fxprotrader JulioCesarTorresO
Thank you for your kind words.. By the way, if your nickname was JulioCesarChavez i would follow you too. I am a boxing fan, and Chavez is a mexican boxing legend :)
personnaly i still short with stop @ 1.31
Thanks for sharing
really thanks to you for your nice ideas
where is the resistance that made you close the position?
another great chart man..!
I would say a great lesson. Cutting your losses early when things don't go your way is crucial in trading.. Thank you for your kind words klod87 :)
fjf565 Fxprotrader
Yes you're right, that's a very important teaching in this business... Anyway you're welcome Fx.!
+1 Reply
thx you so much for your help
You are welcome mate :) It's always good to cut your losses early even if we see price reach our initial profit target..
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