Akil_Stokes
Short

USDCAD: The Rising Wedge Pattern Explained

FX:USDCAD   U.S. Dollar/Canadian Dollar
As price action blew through the potential double top that we were watching this morning in the Live Trading Room, we had to throw the idea out and start looking for other opportunities.

Currently we have a setup on USDCAD             that I really like. It's called a rising wedge . This setup starts with a strong bullish move then as selling pressure starts to enter the market (from actually sellers, and from buyers who are selling to take profit), momentum starts to slow & price begins to flaten out. When combined with divergence on the rsi (and for me) a good level of structure, it makes for a very tasty trading opportunity.

So what's wrong with this situation? Well the fact is that we're so close to structure that there just isn't enough room to get a good enough risk to reward ratio. So I'll have to play the sidelines and watch.

Now before you think about forcing this trade REMEMBER THIS if there's one thing that we know about trading it's that "THERE WILL ALWAYS BE ANOTHER GOOD OPPORTUNITY"

Good luck out there traders! And thanks to all of you that were so quick to comment on my latest video blog!
Akil Stokes Trading Coach at Trade Empowered

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Nice little nugget there, Akil. Maybe something I could add to my CTS as an additional point? :)
+1 Reply
Akil_Stokes TOP Kjetil_Johannesen
5 months ago
Certainly, the cool thing about the CTS system is that as a trader you can customize it to match whatever you want to use it for.
+1 Reply
akaAni
5 months ago
Could this also be interpreted as resistance turning into support at the 1.31213 line? As something to look for in tomorrow's session I mean. That setup would probably be more long term rather than a day trade I suppose. In that scenario, the trade would be something like enter around the 1.3120 area with a stop around 1.3080 and a take profit above 1.3200. Do you think a setup like that is valid and something to keep an eye out for?
+1 Reply
Akil_Stokes TOP akaAni
5 months ago
Very well done! It certainly can. Just understand that there's another level of resistance turned support around 1.3145's as well. but I'll certainly be looking for intraday buying opportunities tomorrow. I would actually favor the level that you mentioned. Great job
Reply
Wallstreet_CCCC
5 months ago
Bearish RSI Divergence on 4H Timeframe plus
+1 Reply
Akil_Stokes TOP Wallstreet_CCCC
5 months ago
amen!
+1 Reply
FabianoGollo PRO
5 months ago
Hi Akil, thanks for sharing.
Since you recently said that you are no longer looking to get short on this pair (after the break of the double top), i assume you will consider this bearish signal as a good opportunity to get long somewhere near previous resistence?
+2 Reply
Akil_Stokes TOP FabianoGollo
5 months ago
Correct, don't get me wrong if the risk reward lined up on this particular trade, I would have aggressively been in. But yes, the next opportunity for me would be a retest of resistance turned support and a chance to go long at structure
Reply
Wallstreet_CCCC
5 months ago
Akil, take a look at my trade idea WTI Oil and tell me how you like it :)
+1 Reply
Akil_Stokes TOP Wallstreet_CCCC
5 months ago
I'm sorry but I don't do that. If I did chart critique for you I'd feel obligated to do it for everyone. Sorry
+1 Reply
Wallstreet_CCCC Akil_Stokes
5 months ago
Ah okay, dont mind that :) thanks
+1 Reply
Akil_Stokes TOP Wallstreet_CCCC
5 months ago
No problem
+1 Reply
ClaytonD
5 months ago
You the best Akil - I watch all of your videos!
+1 Reply
Akil_Stokes TOP ClaytonD
5 months ago
Thank you Clayton. i really appreciate the support!!
Reply
StarProsper PRO
5 months ago
The best Trader on Trading View would have to be you Akil. I love every post, everything you talk about and the style you Trade. Thank you for your time commitment to post your ideas.
+1 Reply
Akil_Stokes TOP StarProsper
5 months ago
Far, far, far from the best Phillip! But I love the support. I'm just trying to take One Good Trade at a time
Reply
TomPower
5 months ago
Don't forget to look left and I'm sure you know the rest of the sentence
+1 Reply
Akil_Stokes TOP TomPower
5 months ago
Sounds familiar for some reason
Reply
YoussefRazak
5 months ago
heheh It just wont come down ... but i still believe its a false breakout.. one more resistance to go
+1 Reply
Akil_Stokes TOP YoussefRazak
5 months ago
You know how the market acts when multiple levels of structure exist
Reply
SungPLM
5 months ago
ain't that a cup of tea pullback ?
+1 Reply
santoroma SungPLM
5 months ago
yes in der culen
Reply
SungPLM santoroma
5 months ago
what mean der culen
Reply
Akil_Stokes TOP SungPLM
5 months ago
I'm sorry but I'm not familiar with that term
Reply
YudhaPerdana
5 months ago
"Plan Your Trade, Trade Your Plan" , NICE QUOTES
+1 Reply
Akil_Stokes TOP YudhaPerdana
5 months ago
Thanks!
Reply
Hello

give me your indicator RSI + atr very good ???

thank you

+1 Reply
Akil_Stokes TOP WenderSilvaTeixeira
5 months ago
Sorry, but I'm not sure of what you're asking. "Give me your indicator?"
Reply
YoussefRazak
5 months ago
snapshot


hey akil What do you think ? Shorting time ?
+1 Reply
YoussefRazak YoussefRazak
5 months ago
snapshot
Reply
Akil_Stokes TOP YoussefRazak
5 months ago
No, not for me, I don't really have any interest in this pair currently
Reply
YoussefRazak Akil_Stokes
5 months ago
Cool ... im really looking at this one ..
Reply
mcarl42
5 months ago
Just got 90 pips out of usdcad drop excellent
Look left structure leaves clues . can't get that out of my head haha .
Great work akil , keep on keeping on .
+1 Reply
Akil_Stokes TOP mcarl42
5 months ago
Thank you and congrats on your trade
Reply
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