Why I Think USDCAD Will Sell This Week...Technical Analysis
Updated
Hey Rich Friends,
Happy Tuesday! Here is my technical analysis for USDCAD. Always check the news and cross-reference the indicators on your chart before entering any trades. I think that there are opportunities to sell and here is what I am looking at:
- The market has already rejected a previous supply zone on the weekly time frame
- There is an evening star pattern that has formed, which is a bearish reversal confirmation
- The fast line (blue) of the STOCH has crossed below the 80 line, and is facing down and the slow line (orange) is above the fast line (blue), which confirms the bearish trend for me
Signals to wait for before entering at market execution:
- Wait for the slow line (orange) on the STOCH to also cross below the 80 line
- Wait for the 3 EMA (blue) to cross above the 10 EMA (purple)
I have entered this trade at market execution but I also have pending sell limit orders for this trade. My SL will be above a previous high and my TPs will target previous lows.
Great luck if you get into this trade and happy trading!
Peace and Profits,
Cha
Happy Tuesday! Here is my technical analysis for USDCAD. Always check the news and cross-reference the indicators on your chart before entering any trades. I think that there are opportunities to sell and here is what I am looking at:
- The market has already rejected a previous supply zone on the weekly time frame
- There is an evening star pattern that has formed, which is a bearish reversal confirmation
- The fast line (blue) of the STOCH has crossed below the 80 line, and is facing down and the slow line (orange) is above the fast line (blue), which confirms the bearish trend for me
Signals to wait for before entering at market execution:
- Wait for the slow line (orange) on the STOCH to also cross below the 80 line
- Wait for the 3 EMA (blue) to cross above the 10 EMA (purple)
I have entered this trade at market execution but I also have pending sell limit orders for this trade. My SL will be above a previous high and my TPs will target previous lows.
Great luck if you get into this trade and happy trading!
Peace and Profits,
Cha
Trade active
Trade closed: target reached
+80 pips. Trade is still active. This was an amazing set-up!
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