fxidgroup

USDCAD wait for high probability confirmation

FX:USDCAD   U.S. Dollar/Canadian Dollar
41 0 1
Scenario #1
Candle break the weekly resistance,
and now becoming new possible support.
We will wait for a retest and continuation.
Target next monthly resistance.

Scenario #2
Candle false break the weekly resistance,
and back down.
Weekly resistance level still valid.
Short position with target at lower trend line .

Scenario #3
Possibility entering consolidation area.
Wait for confirmation.
Possible breakout.

Please add a comment... Positive feedback and constructive criticism...
Subscribe, follow, and like...

Thank you for your support.

FX ID Group
http://www.fxidgroup.com
http://www.telegram.me/fxidgroup
Email: info@fxidgroup.com
Comment: today ucad gap down, strong break below the key resistance.
Let see when daily candle close.
Comment: A strong bear move at US session...
If the daily close with bearish candle.
I will have a short position ready (scenario #2)
Comment: After yesterday strong break at the key resistance + today gap down... perhaps many traders were trapped to open long (with intention to close the gap and continue long)
I personally always trade more conservative, waiting for a confirmation before any possibility to open position.
Trade active: I open short at market price,
after yesterday daily candle gap down and close below the resistance.
looks like the resistance key level is still intact.
scenario #2 is ON
Trade closed: stop reached: Yesterday, the key level resistance break
Thank you UCAD :)
Comment: looks like my SL is too narrow ??
Comment: waiting for another possible setup
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out