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Previous trade was a perfect one, took risked some profit with the second 50% position to trail stop for an ever bigger drop but those got hit. Now from the looks of it we might have a bear flag now, but not convinced yet so i am going in with half a position here and will wait for a break of the yellow zone to get in with the second part. Still a chance for a big ...
Up 1.04% on the day, the USD/CAD aggressively advanced northbound Tuesday on the back of a healthy USD across the board, along with a collapse observed in crude oil prices and comments from BoC’s Wilkins. Wilkins announced the central bank will review monetary policy framework in the run up to late 2021, indicating it is open to major changes.
In terms of weekly ...
USDCAD is approaching our first resistance at 1.3386 (horizontal overlap resistance, 76.4% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 1.3260 (horizontal pullback support, 50% Fibonacci retracement, 100% Fibonacci extension).
Stochastics (89,5,3) is also approaching resistance and we might see ...
USDCAD has showed us some bear signal last week.And we did try to follow it with a new short trade.
We closed it manually yesterday ON 1.326 with -30 pips before loss is getting huge.
On this chart, USDCAD now has made its new wave 5 up again.Now this blue zone is expected a new selling zone as a position where reflection ...
Chart time frame - H8
Timeframe - 1-2 weeks
Actions on -
A – Activating Event
Currency Pair creating a Double Top . USD will move into consolidation towards the end of the week followed by a south movement towards the @1.307 level.
B – Beliefs
Market will be rejected at @1.3343 area and move towards the first Target 1 ...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.3265.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=1.3245.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of ...
Trading Bias: Short
Technical Strategy: Daily Resistance Channel + Harmonic Crab
USD/CAD is trending in an Upward Channel.
We have recently touched the resistance of this channel, so if price action continues this trend, we should see reversal to the channel support.
We are also approaching structure resistance , which should provide a strong reversal area as well.
-RSI is heavily overbought
-Approaching strung Structure Resistance
Scale in. Tagged in over night.
- Dynamic support
Supply area and harmonic pattern scanned
USDCAD Sell is On
We will look for sells after break. Watch the main S&R's to open and close positions.
Risk Reward 1 : 5
Improved version of the previous USD/CAD short.
- USD/CAD is now meeting the upper trend channels resistance
- This touch has also occurred at the 1.33 Psychological level
- If we see rejection at this point, may drop to test the lower channels support
- This could be at the 1.32 Psychological level
** We would need to see a solid rejection candle/pin-bar/pattern at this point to justify entering a short ...
USDCAD Looking Short After Breakout