USD/CAD - Out of the Wedge
Updated
Hi all. I am new & trying to self teach on analysis, etc., so any help/advice would be much appreciated!
My analysis on this 1D chart for USD/CAD looks at the possibility of a break out of the descending wedge pattern we have been in since the first quarter of 2020.
We have just seen a bull flag lead to a third tap on the resistance of the overall channel lines. I identify these two events as indicators of a break out of the descending wedge.
I have accounted for an expected retrace to test the resistance line, which would turn to support, before properly impulsing bullishly. It is at this point of retrace where I would look to enter the position, with a stop loss of just below where the bull flag's support is.
I also believe that this will be a large move, with plenty of opportunity to scale in - helping to maximise profits.
Please let me know your thoughts. Any comments will be taken on board, as I try to learn further and progress from experienced traders.
My analysis on this 1D chart for USD/CAD looks at the possibility of a break out of the descending wedge pattern we have been in since the first quarter of 2020.
We have just seen a bull flag lead to a third tap on the resistance of the overall channel lines. I identify these two events as indicators of a break out of the descending wedge.
I have accounted for an expected retrace to test the resistance line, which would turn to support, before properly impulsing bullishly. It is at this point of retrace where I would look to enter the position, with a stop loss of just below where the bull flag's support is.
I also believe that this will be a large move, with plenty of opportunity to scale in - helping to maximise profits.
Please let me know your thoughts. Any comments will be taken on board, as I try to learn further and progress from experienced traders.
Order cancelled
Recent news events relating to the Bank of Canada have made this idea unsustainable.
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