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!
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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
Thank you and congrats on your trade

hey akil What do you think ? Shorting time ?
+1 Reply
YoussefRazak YoussefRazak
Akil_Stokes PRO YoussefRazak
No, not for me, I don't really have any interest in this pair currently
YoussefRazak Akil_Stokes
Cool ... im really looking at this one ..

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

thank you

+1 Reply
Akil_Stokes PRO WenderSilvaTeixeira
Sorry, but I'm not sure of what you're asking. "Give me your indicator?"
"Plan Your Trade, Trade Your Plan" , NICE QUOTES
+1 Reply
Akil_Stokes PRO YudhaPerdana
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