We've all been there. Got filled into an impulse trade last night and was waiting for an exit strategy. However, it seems that I just might be in luck.
After USDCAD broke out from the sideways movement, price settled on a former area of support. Price broke through the -0.272 area with a lot of momentum and started to reject the -0.618 level. There is currently also a break of the trendline (which could be modified some more but I think its good enough).
Price has also printed an over extended W which is also a deep crab pattern. If there is continued upward pressure I expect price to make it back to the base of the range, where I may then be looking for a short or let my second entry run. I've since moved my SL to a little above BE, so I'm risk free.
Open to other opinions.
After USDCAD broke out from the sideways movement, price settled on a former area of support. Price broke through the -0.272 area with a lot of momentum and started to reject the -0.618 level. There is currently also a break of the trendline (which could be modified some more but I think its good enough).
Price has also printed an over extended W which is also a deep crab pattern. If there is continued upward pressure I expect price to make it back to the base of the range, where I may then be looking for a short or let my second entry run. I've since moved my SL to a little above BE, so I'm risk free.
Open to other opinions.
Trade closed manually
Closed at BE
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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.