Hey guys I have identified that USD CAD is currently in a downtrend on the 4 hour chart, there is also a bearish pin-bar that has formed.
I then went into the 1 hour chart which is in a down trend as well and is showing some candle consolidation.
I am looking to sell at the break of the low on the candle consolidation and I placed a stop above the high of the candle consolidation, the stop I am running is 160 pips with a profit target of 480 pips and I am using a 3-1 Risk to Reward ratio.
Always use proper risk management! This is just an idea for a setup and is not intended to be investment advice.
Comments are appreciated, Cheers!
I then went into the 1 hour chart which is in a down trend as well and is showing some candle consolidation.
I am looking to sell at the break of the low on the candle consolidation and I placed a stop above the high of the candle consolidation, the stop I am running is 160 pips with a profit target of 480 pips and I am using a 3-1 Risk to Reward ratio.
Always use proper risk management! This is just an idea for a setup and is not intended to be investment advice.
Comments are appreciated, Cheers!