USD/CAD 15m Short

A nice day-trade setup here that meets my rules. Bearish 15m trend, break below 15m structure, below 50EMA, bearish engulfing after a pullback.

Also below a key Daily level (that may act as support and stop me out), but above a more major Daily level at 1.315.

The bounce above 1.32 has me nervous that we are about to see a reversal, but because of the room to the downside and the clearly bearish momentum this is still a valid trade for me.

Target at 2:1, S/L to B/E at 1:1. This kind of setup typically has a 45% win ratio so a loss will not be surprising. Risk management is key with technical strategies like these.

Trade active:

S/L is now @ Break even.

Comment:

Not looking great to be honest, but the worst I can come away with is break-even so all that is left to do is wait and watch.

Comment:

I may have spoken too early, so it's a good thing my rules say not to touch this trade haha. Old rookie me might've already exited but it appears that 15m candle closed as a rejection wick. The 5m chart is trying to form a base,

Typically this pattern represents a loss of momentum. The sellers aren't that keen. But at this stage I'm just monitoring the trade for fun. I can't modify it.

Comment:

So we'll see what happens. This was a fun trade. Should be a decent move one way or the other soon as we approach the European open

Comment:

Looks like the Europeans slept in today lol. Very dull action tonight on USD/CAD. It's teasing me

Trade closed: target reached:

Patience pays! Target hit, 2 winners today. Onto the next one