Straight forward and clean
Short it since it has a very strong positive correlation with my usdchf idea, cant see why not.
Plan of attack!!!
bears broke trendline on yesterdays close
wait for pullback to trendline which will act as new resistance (previous support)
poe - 1.28219
Then take tp1 at 1.26192 (38.2% fib)
tp2 1.24055 (61.9% fib)
Sl on redline...
A little early for this but having in mind that price is moving down massively, we may soon have the completion of a bullish cypher patter. But i suppose that price will consolidate at some level before reaching the 0.786 D point of the pattern. This consolidation may offer us a nice sell setup before getting involved with the cypher.
Technical : BEOB ON RESISTANCE ZONE, ENTRY ON BREAK OF DAILY CANDLE
Pair: USDCAD
Timeframe : D1
Trade : SHORT
Entry now : 1.32144
Take profit 1 : 1.28376
Take profit 2 : OPEN
Take profit 3 : OPEN
Stop loss : At own risk
I have closed this trade with a -75 pip loss. Prices have broken below the X point of the cypher I had initiated this trade on so the reason for this trade has been invalidated. Will now wait for another LONG setup to get LONG. But for now, I am on the sidelines.
