USDCAD Week of 2/21 Outlook

Expecting a new bearish leg during next week in USDCAD. The risk reward can be much greater if you catch the shift in orderflow on the lower timeframes, the entry shown is not a position I have taken.

As always the market can choose to shift bullish for fundamental reasons, but my technical bias is short for next week.

Comment:

Price reached POI and appears to turn down, entry protocol is fulfilled, however today is a US bank holiday and I will not be taking an additional USD position. Maybe price provides a better short entry tomorrow with NY volume.

Comment:

Sell limit order placed above Asia high. SL above LPOTM on smaller timeframe.

Trade active:

Price tapped entry during Asia session 2/22. Price hit 1st profit target. Stop loss placed at entry. Risk free and in profit.

Trade active:

2/22 Price broke structure at asia low but is consolidating and inducing before possible continued lower movement

Comment:

Original Trade stopped out. FOMO'd into shorts. Need to stop doing this.

Trade closed: target reached:

Trade taken on 2/22.

2/3 TPs hit.
You were not patient, you FOMO'd into shorts. However you believed this to be edge of structure, which it was untill it was invalidated. Price did not give protocol for long entry but the trade was successful. In the long run these kinds of risks will not pay off.

However you should have recognized that when bearish structure was invalidated, that the bulls would take control. If you had done so you could have exited short at a better position, and possibly taken advantage of long to new highs.