USDCAD ANALYSIS - SHORT

USDCAD ANALYSIS - SHORT

It seems that we are about to start a Wave (c) in the Minute Period ???

I've booked a position to trade SHORT, but only once the Price action at the Fibonacci box/region is reached, together with the Moving Averages confirming the SHORT close is outside of the MA channel.

There is also a possibility that this could make another corrective pattern before going short.
Risk to Reward ratio is okay at 3 to 1.

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(Note that if the price point does not reach the boxed/fibo area, the trade will not be activated.)
I don't provide a signaling service or suggest you trade these trades with me, I'm just sharing my ideas and hope that people may benefit from these ideas in some way. I've added a checklist to the top of the chart as this is my way of keeping with my trading plan. Please remember the golden rule. 'When in doubt - stay out'.

Comment:

Re-Analysis done, it seems Wave b has now completed and it seems the MA channel has now been confirmed as wave c in progress?

I've updated the Sell Stop Entry, SL and TP as follows:

Now we shall wait for the Fibo entry to be reached, then the trade will be activated

Trade active:

Trade now active !

Comment:

This trade is looking superb at the moment, however I'll start moving my SL down to the previous high to lock in profit. If my SL or TP hits, will now be in profit.
I shall update in any case.