USDCAD Short
Updated
Earlier this week, I suggested that USDCAD might be reaching the end of an impulse. Wave 5 looks like it has been completed and USDCAD is now in the entry zone for a short. We will be able to ride the impulse down to at least 1.27325. There is a resistance that will be tested before USDCAD retraces and Wave 2 overlaps with the previous Wave 4.
SL: 1.28575
TP: 1.27325
Good luck!
SL: 1.28575
TP: 1.27325
Good luck!
Note
SL triggered. USDCAD is testing the resistance. Wait for confirmation before re-entering.Note
Possibly a double top.Trade active
Strong downward move. Double top and Wave 5 has been confirmed. Well onto the TP now.Note
USDCAD stalled hard today as USD bulls fought to hold on. Oil rally will be their death. Also, USDCAD was testing the resistance of previous head and shoulders. Resistance has been confirmed.I've moved the TP down to 1.253 as Wave 5 will at least match Wave 3, if not surpass.
s3.amazonaws.com/tradingview/snapshots/1/1X1YZ4Vd.png
Trade closed: stop reached
SL triggered. Unsure of the direction of USDCAD at this point. It may be forming a double top and bouncing down, but it doesn't look like that's likely.Note
Update to this idea. Follow this as a retracement is approaching, which means an optimal entry for the big short.
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