USDCAD [Short trade plan]
The setup:
- USDCAD has been rejected in the previous support zone for 2 H4 candles
- Price now showing some downward momentum
- Waiting for price to push a bit higher than place Sell Stop order to ride the downward momentum
Invalidation:
- If price spike up above the zone and retest find support above the structure, market has shifted from range to breakout.
Trade management:
- If trigger into the trade when price touch the breakeven line, need to move stop to break even
- Risk over reward!
- USDCAD has been rejected in the previous support zone for 2 H4 candles
- Price now showing some downward momentum
- Waiting for price to push a bit higher than place Sell Stop order to ride the downward momentum
Invalidation:
- If price spike up above the zone and retest find support above the structure, market has shifted from range to breakout.
Trade management:
- If trigger into the trade when price touch the breakeven line, need to move stop to break even
- Risk over reward!
Note
:( I am late... meeting after meeting... will set a limit order see how it goes.Note
Looking the last 3 H4 candles price seems holding strong. I would like to see it break out then retest to go long instead.
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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.