PriceActionTrading

USDCAD PRICE TIGHTENING. BREAKOUT SOON. UPSIDE HOPEFULLY

FX:USDCAD   U.S. Dollar / Canadian Dollar
102 2 6
USDCAD             TRIANGLE PATTERN .
ANALYSIS:
H4 PRICE HAS MET RESISTANCE FROM
200 50 20 SMA AND BEING SQUEEZED BY THE DESCENDING TRIANGLE

NOTE:
20 AND 50 SMA ARE TRADING SIDEWAYS,
THIS IS A CONSOLIDATION MARKET THUS BREAKOUT COULD HAPPEN EITHER SIDE.
BUT A BREAKOUT IT WILL BE.
WAIT FOR A SUSTAINED CLOSE D1 OUTSIDE OF THE TRIANGLE BEFORE TRADING
UNLESS YOU ARE ADVENTUROUS.

I PERSONALLY HAVE A UPWARD BIAS FOR USDCAD             .
PRICE WILL MOVE BELOW 1.24, CAUSING PEOPLE'S SELL ORDER TO TRIGGER AND THEN
MOVING ABOVE 1.24 AND CLOSING HIGHER THAN 1.24.
TRAPPING ALL THE GREEDY BEARS.
You where right very good 1up
Reply
Thanks mate.
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