USDCAD Short: Resistance Meets Trend
Three touches to a resistance area and price has even wicked the trend line. Wait for price action and structure to form within the consolidation.
GOOD ENTRY POINT (explained): currently price is consolidating so I'd wait for a break and/or for structure to form within that consolidation. Scale down to 5-15min to get a snipper entry. My entry on this published is on the top/middle of the consolidation area.
Two possible outcomes for a short position have been provided:
- Red arrows- impulse, retest counter-trend, continue to support
- Black arrows- impulse, retest downtrend, continue to support
LIKE COMMENT & FOLLOW!
GOOD ENTRY POINT (explained): currently price is consolidating so I'd wait for a break and/or for structure to form within that consolidation. Scale down to 5-15min to get a snipper entry. My entry on this published is on the top/middle of the consolidation area.
Two possible outcomes for a short position have been provided:
- Red arrows- impulse, retest counter-trend, continue to support
- Black arrows- impulse, retest downtrend, continue to support
LIKE COMMENT & FOLLOW!
Trade closed: target reached:
TP HIT!!!