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!
Nice little nugget there, Akil. Maybe something I could add to my CTS as an additional point? :)
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Akil_Stokes PRO Kjetil_Johannesen
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.
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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?
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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
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Bearish RSI Divergence on 4H Timeframe plus
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Akil_Stokes PRO Wallstreet_CCCC
amen!
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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?
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Akil_Stokes PRO FabianoGollo
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
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Akil, take a look at my trade idea WTI Oil and tell me how you like it :)
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Akil_Stokes PRO Wallstreet_CCCC
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
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Wallstreet_CCCC Akil_Stokes
Ah okay, dont mind that :) thanks
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Akil_Stokes PRO Wallstreet_CCCC
No problem
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You the best Akil - I watch all of your videos!
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Thank you Clayton. i really appreciate the support!!
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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.
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Akil_Stokes PRO StarProsper
Far, far, far from the best Phillip! But I love the support. I'm just trying to take One Good Trade at a time
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Don't forget to look left and I'm sure you know the rest of the sentence
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Sounds familiar for some reason
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heheh It just wont come down ... but i still believe its a false breakout.. one more resistance to go
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Akil_Stokes PRO YoussefRazak
You know how the market acts when multiple levels of structure exist
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ain't that a cup of tea pullback ?
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santoroma SungPLM
yes in der culen
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SungPLM santoroma
what mean der culen
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I'm sorry but I'm not familiar with that term
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"Plan Your Trade, Trade Your Plan" , NICE QUOTES
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Akil_Stokes PRO YudhaPerdana
Thanks!
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Hello

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

thank you

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Akil_Stokes PRO WenderSilvaTeixeira
Sorry, but I'm not sure of what you're asking. "Give me your indicator?"
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snapshot


hey akil What do you think ? Shorting time ?
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YoussefRazak YoussefRazak
snapshot
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Akil_Stokes PRO YoussefRazak
No, not for me, I don't really have any interest in this pair currently
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YoussefRazak Akil_Stokes
Cool ... im really looking at this one ..
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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 .
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Thank you and congrats on your trade
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