Fxprotrader
Short

USDCAD Sell Opportunity Ahead

FX:USDCAD   U.S. Dollar / Canadian Dollar
511 4 29
After a sharp down move USDCAD             price is testing the 0.618 fib level of the impulsive move at the same level where it meets the upper parallel of a confirmed fork. The safest way to trade this market is to wait for price to break below the corrective upmove and watch for sell setup to complete.

P.S: Take a minute and read my post of "1001 pips project". You may find the link below..
Comment: Althought it's a little early, it looks like we may have the breakout below the corrective structure.

Related Ideas

Hi Fxpro, I think we now have the sell active, right? Where would you put SL, above 200 SMA or above the last peak?
Reply
No aziz.. I have not active sell yet. Breaking out below the correction is the first part.. For a safe setup wait for a sell setup to complete.. But if you want to trade it only because we have a breakout, place your stoploss above 1.31925 and aim for 1.28410. But this is my recommendation..! Good luck..!
Reply
aziz.au aziz.au
Thanks Fxpro. What is the criteria for a sell set up completion after such breakout?
Reply
There are many startegies that you could use.. Price action, fibonacci retracements, smaller patterns etc.. You have to test on your own what's works best for you..
Reply
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