I see a potential on USDCAD .
This is gonna be a great setup because of the following reasons.
1. Aligned with uptrend
2. Entry price is very close to extreme of
3. Aligns with previous resistance turn
How I will execute this trade
1. Wait for price to hit 1.33
2. Wait for a rejection of the PRZ between 1.3290 to 1.33
3. Enter trade if is present in
Strongly encourage not to use a pending order
Next step is to wait for the price to close above the yellow zone on the h4 chart and we have a long entry.
If price continues to drift lower and break new low next week, I will be shorting on pullbacks.
Have executed my buy limit to go long, which is a queue to buy at 1.33.
Do not want to double my risk exposure.
I'll stay tuned...
Is that a reasonable view Terry or is that pattern actually price rejection?