USDCAD: S&R zone reversal opportunity
Price action entered strong S&R zone after very strong upwards move. Reversal is going to be likely. Checking for reversal signs within the S&R zone – RSI overbought, pin bar , Doji , etc. Opportunity is about 1:2.1 on first target and 1:3.7 on extended target. If price breaks through S&R zone without reversal signal, the setup turns invalid.
Note
Looks like there will be a very nice indecision candle by the end of the time period (H4) and the RSI also cries that it's oversold. Looks for a good setup for overnight position.Trade closed: stop reached
That was a loser … Things happen :) Up for the next trade.
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