USDCAD wait for high probability confirmation
Updated
Scenario #1
Candle break the weekly resistance,
and now becoming new possible support.
We will wait for a retest and continuation.
Target next monthly resistance.
Scenario #2
Candle false break the weekly resistance,
and back down.
Weekly resistance level still valid.
Short position with target at lower trend line.
Scenario #3
Possibility entering consolidation area.
Wait for confirmation.
Possible breakout.
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Candle break the weekly resistance,
and now becoming new possible support.
We will wait for a retest and continuation.
Target next monthly resistance.
Scenario #2
Candle false break the weekly resistance,
and back down.
Weekly resistance level still valid.
Short position with target at lower trend line.
Scenario #3
Possibility entering consolidation area.
Wait for confirmation.
Possible breakout.
Please add a comment... Positive feedback and constructive criticism...
Subscribe, follow, and like...
Thank you for your support.
FX ID Group
fxidgroup.com
telegram.me/fxidgroup
Email: info@fxidgroup.com
Note
today ucad gap down, strong break below the key resistance.Let see when daily candle close.
Note
A strong bear move at US session...If the daily close with bearish candle.
I will have a short position ready (scenario #2)
Note
After yesterday strong break at the key resistance + today gap down... perhaps many traders were trapped to open long (with intention to close the gap and continue long) I personally always trade more conservative, waiting for a confirmation before any possibility to open position.
Trade active
I open short at market price,after yesterday daily candle gap down and close below the resistance.
looks like the resistance key level is still intact.
scenario #2 is ON
Trade closed: stop reached
Yesterday, the key level resistance breakThank you UCAD :)
Note
looks like my SL is too narrow ??Note
waiting for another possible setup
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