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!
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?
Akil_Stokes
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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
mcarl42
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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 .
Akil_Stokes
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Thank you and congrats on your trade
YoussefRazak
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hey akil What do you think ? Shorting time ?
YoussefRazak
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Akil_Stokes
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No, not for me, I don't really have any interest in this pair currently
YoussefRazak
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Cool ... im really looking at this one ..
WenderSilvaTeixeira
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Hello
give me your indicator RSI + atr very good ???
thank you
Akil_Stokes
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Sorry, but I'm not sure of what you're asking. "Give me your indicator?"
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?