The Bullish Trend on the 4HRS chart is clear, according to price behavior, there's a violation (On 03.12.18: 06:00 Price made a LL1.) which means Buyers are not comfortable with current price level.
The least we are expecting is a correction of that violation, which should take price to 1.3183. If price break below 1.3183, we will keep our short open.
At this point, we will target 1.3183
Entry Short: 1.3387
Stop Loss: 1.3450
Note
To achieve consistent results; as a Trader your Job is:You must have a well defined Rule-based methodology/strategy that works Minimum of 5 out of 10 times.
Practice and understand your strategy.
Analysis followed by Confirmation and lastly and the most crucial; Execution (Optimum Entry, Exit, Tp and SL).
Keep it this simple and you will not Fail.
Trade active
Hourly Close below 1.3387Note
Price behaving as expected, we manage to break lower, now London is about to open and a retest of key 1.2287. A break below tokyo low will add to the bearishness of the usdcad.Note
1.3387 not 1.2287. Need morning coffee..Note
We have a break lower. next level is 1.3254
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.