U.S. Dollar / Canadian Dollar

Short

USDCAD short opportunity

By kingtigertank

Updated

Enter on trendline break

Note

There is also an alternate hypothesis if that trendline fails to break, we could see a retracement up to the 0.886 retracement of wave 1 (blue), where a bat pattern would complete, and then will look for a short from there. For now I still believe it is more likely a break of the trendline will occur in the immediate future which will be the entry point for a short.

Note

EDIT: meant to say 0.886 retracement of wave i (red) in previous update

Trade active

Trendline has been broken, entry valid.

Trade closed: stop reached

Stopped out, turns out wave ii (red) was not complete

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.