USD/CAD Still strong up but looking for a short
Updated
Looking for a shorting opportunity. A little different than normal. Price must enter the 1 hr resistance zone to the trigger line before the trade becomes active. That means the entry will be if price action breaks down out of the zone. I will use my beak out rules in link below.
If price blows through the zone remove the trade.
If price breaks the 1 hr TL look to go short after a small correction
Remember educate yourself, create a trade plan, Validate your ideas through other traders ideas. Own your trades.
If price blows through the zone remove the trade.
If price breaks the 1 hr TL look to go short after a small correction
Remember educate yourself, create a trade plan, Validate your ideas through other traders ideas. Own your trades.
Note
Missed getting into this trade as I was sleeping. However I will stand by as if it has been triggered and look for another entry area.Note
Lots of news today so move stop to BE or take some profit. Just be careful not to lose what you have." I made all my money selling to soon" Bernard Baruch great American financier.
Note
The lesser of two evils. Oil reserves went up instead of the predicted down. This will make the CAD less attractive. Watch for another push up.Note
Price stayed within the reversal zone and still shows promise to hit targets. Very volatile markets these days though.Note
Target 1 hitNote
As it is Friday and I may not be here later I will consider the trade a full success as target 2 was as close to being hit that another coat of paint on my line would have done the trick.I will not consider this closed as we can now watch for a bounce or a break of the line.
Another time frame chart
Note
It looks like a bounce but I am not entirely convinced yet. I would look for a break of the 1 hr TL (purple) or another down to the PRZ in the chart below. I will trade this the same as the down move. I want price to move well into the PRZ and then apply the entry when it bounces back. If price continues through the 4 hr and daily TL (blue and green) it could be making its way down to the weekly TL.Have a great weekend.
Note
I am still amazed at trend lines and how they work. I am looking for a break of the 4 hr pattern line (blue dashed) if it is up I see a move up to the 1.335 area. On the HTF this will be near the .382 fib of the weekly down move and this pair gravitates to that fib. (see link below)If price breaks the lower 4 hr pattern it will also break the daily TL and I expect a move down to the weekly TL and most likely beyond.
Trade closed: target reached
Price officially hit target 2
Related publications
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.