Short USD/CAD for a swing trade

We are near the top of the channel (wich might also look like a bear flag). A nice reversal candle is forming, we need to wait for it to close for a full confirmation tho. Bearish divergence on MACD. RSI above 70. I know that it only mean that the up trend is strong but it's been a while since it didn't go above 70 on 3D. Stochastic looks good for a short too.

Shorting here might be risky. You can also wait for the candle to close and see how things evolve before shorting.

Please give me your opinion, good luck.

Note

The target is the top of the ichimoku on weekly. (Note that if we follow my scenario on 3D, the curent candle on weekly will be a reversal candle too.)

Note

This is really an awful HnS but why not. It matches with what i expect.

Note

3D Candle closed. Looks really good so far.

Note

I'm still in. I'll post a chart tonight.

Note

In my opinion, they just wanted to chase stop losses that were at last swing high. But i'm still bearish, my scenario isn't invalidated.

Note

to hunt stop losses*

Note

Already good profit with any leverage. Personnaly i had a 200 leverage so it's a 200% but for the most reasoneable ones, with a 10x it's still 10% and very good. You can take profit or move your stop loss below entry price so you won't loose anything on this trade. I'm keeping my position open.

Note

Sorry not 200% -> 170% and not 10% -> 6%
I thought that we already dumped 1%

Note

We closed below the range box.

Note

Looks like i didn't close y short. I thought i did. Anyway if you closed it i think that you can open it again.

Note

Non realistic target :

Note

For the moment our entry was gorgeous..

Trade closed: target reached

Strong support here, i'll post another idea if we break it and i re enter

veytey

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.

veytey