USDCAD SHORT OPPORTUNITY - DESCENDING TRIANGLE BREAKOUT??
Updated
This is an update to the trade I posted yesterday which I am currently up +15 pips.
Price seems like its forming a descending triangle pattern, with a very bearish close on the H4 at 1pm Eastern.
If you did not enter the trade yesterday, please look at the analysis today for a great entry.
Wait for breakout and retest to enter!
My initial weekly analysis determined that a potential big down move for the USDCAD was primed for this week. It looks like it's playing out currently.
Trade Analysis:
Risk to reward: 3+
Technical Analysis: Descending Triangle Pattern
Candlestick: Bearish candlestick with long wick and strong close
Daily trade analysis and ideas:
Telegram: t.me/Forexdojo
Facebook: facebook.com/FXShinobi
Twitter: forex_dojo
Instagram: instagram.com/jaylen.forex/
Website: forexshinobi.com
ForexShinobi
Price seems like its forming a descending triangle pattern, with a very bearish close on the H4 at 1pm Eastern.
If you did not enter the trade yesterday, please look at the analysis today for a great entry.
Wait for breakout and retest to enter!
My initial weekly analysis determined that a potential big down move for the USDCAD was primed for this week. It looks like it's playing out currently.
Trade Analysis:
Risk to reward: 3+
Technical Analysis: Descending Triangle Pattern
Candlestick: Bearish candlestick with long wick and strong close
Daily trade analysis and ideas:
Telegram: t.me/Forexdojo
Facebook: facebook.com/FXShinobi
Twitter: forex_dojo
Instagram: instagram.com/jaylen.forex/
Website: forexshinobi.com
ForexShinobi
Note
Looks like price retested the bottom of the descending triangle, strong bearish close last hour
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