USDCAD Short Trade Setup
Updated
Hello traders.
USDCAD went up and broke the previous top. Now, it looks like we have a completed 3 wave structure. I have placed an entry order to the confluence level of 0.886 retracement and 1.118 extension and the trendline. As you can see it's still in the downtrend and my forecast will remain down as long as it doesn't break the trendline. My minimum target for any short trade is the breaking the previous bottom.
USDCAD went up and broke the previous top. Now, it looks like we have a completed 3 wave structure. I have placed an entry order to the confluence level of 0.886 retracement and 1.118 extension and the trendline. As you can see it's still in the downtrend and my forecast will remain down as long as it doesn't break the trendline. My minimum target for any short trade is the breaking the previous bottom.
Note
It hasn't gone up enough so far, yet the drop can be reversal impulse. If it makes a correction take a short trade.Note
It hasn't touched my entry yet and I hope it will go up first. But the drop can be a reversal impulse and the following structure can be the correction and now it's breaking. So, wait for a small flag in 15m and sell it.Note
Move stop-loss to breakeven.Note
Second short trade is active. This is risky trade because if it makes an expanding flat my trade will be stopped out. If it falls or makes a running flat my trade will be safe. That's why I didn't touch the stop-loss of the first short trade.
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.