USD/CAD 8hr Short setup and entry
Updated
Price had a nice bearish push down to ~1.24391 levels before finding support
Price bounced up off these levels up to ~1.25515 levels and found possible resistance as price hit this ceiling and push back down.
8/2-/8/3 on the Daily price is back at ~1.25515 resistance levels it may continue trending up but I'm thinking USD continues its bearish trend ("the trend is your friend" no?)
8/3 Daily Candle closed with a "spinning top" formation ( still trying learn and implement candlestick patterns into my strategy and trading) indicating possible indecision at this minor resistance level
8/3 12hr Candles closed within the resistance levels I established in my analysis short setup was looking good to me
Trade entry order
I placed an entry order with a tight stop just above the high wicks of the previous candles
entry price : 1.25786
stop-loss: 1.26222
limit order: 1.2488 (50% of position)
Risk/Reward ratio : 2.15
limit order 2: 1.24391 (after first limit order is hit)
Trade closed: stop reached
Stopped out.Probably an impatient position, Looking into how to confirm my resistance levels better to take better positions
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