Hi Traders,
USD/CAD has caught my attention once again. This time against my Original bias a few weeks ago. Looking at the Dollar we see that it has been strengthening across most major pairs. USDCAD has now created a false break out and I see opportunities to find a Long position.
If we look left, it may seem like Price is currently retesting a previous level of support which has now become resistance, This could result in the level (1.29150) forcing Price lower. I am personally not interested in this play to the downside as this has a low probability.
Price Is currently in an uptrend on all higher timeframes, Price has also created the False breakout and then started pushing to the upside. Now we have a barrier that needs to be taken out before I will be looking at entering.
I will be using the simple Break and Retest method to enter this trade. No break, No entry, If price flies after a break of structure with no retest, I also will not enter.
Be safe and remain Patient.
Renaldo Philander.
USD/CAD has caught my attention once again. This time against my Original bias a few weeks ago. Looking at the Dollar we see that it has been strengthening across most major pairs. USDCAD has now created a false break out and I see opportunities to find a Long position.
If we look left, it may seem like Price is currently retesting a previous level of support which has now become resistance, This could result in the level (1.29150) forcing Price lower. I am personally not interested in this play to the downside as this has a low probability.
Price Is currently in an uptrend on all higher timeframes, Price has also created the False breakout and then started pushing to the upside. Now we have a barrier that needs to be taken out before I will be looking at entering.
I will be using the simple Break and Retest method to enter this trade. No break, No entry, If price flies after a break of structure with no retest, I also will not enter.
Be safe and remain Patient.
Renaldo Philander.