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xela75

USDCAD: S&R zone reversal opportunity

Short
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
xela75 Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Support and Resistance short shortsetup USDCAD usdcadshort Technical Analysis priceaction
6
0
supportandresistance short shortsetup usdcad usdcadshort technicalanalysis priceaction
Price action entered strong S&R zone after very strong upwards move. Reversal is going to be likely. Checking for reversal signs within the S&R zone – RSI overbought, pin bar , Doji , etc. Opportunity is about 1:2.1 on first target and 1:3.7 on extended target. If price breaks through S&R zone without reversal signal, the setup turns invalid.
Comment:
Looks like there will be a very nice indecision candle by the end of the time period (H4) and the RSI also cries that it's oversold. Looks for a good setup for overnight position.

snapshot
Trade closed: stop reached:
That was a loser … Things happen :) Up for the next trade.
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