Hi Traders
I have found an Easy short setup on USDCAD. The structure is similar to that of EURUSD in regards to the false breakout. I have already entered the short on this one and I am confident that price may continue to push. When looking at the weekly, We can see that price is rejecting a weekly timeframe 1.28770. If you take a closer look we can see that price has created a double top pattern and is currently rejecting the level. I am taking the position based on this.
I have also drawn a wedge that has broken through and is now being retested, I would like to see price reject and then continue to push lower, The previous Bearish engulfing candle has also given me a strong enough reason to enter.
My target is based on the obvious support level at 1.27700 where I will take my full position off the table. Looking at the flip side If price breaks above the 1.2875 level I will be out of the trade.
Remember to plan your trade accordingly and do not over risk on your positions.
Renaldo Philander
I have found an Easy short setup on USDCAD. The structure is similar to that of EURUSD in regards to the false breakout. I have already entered the short on this one and I am confident that price may continue to push. When looking at the weekly, We can see that price is rejecting a weekly timeframe 1.28770. If you take a closer look we can see that price has created a double top pattern and is currently rejecting the level. I am taking the position based on this.
I have also drawn a wedge that has broken through and is now being retested, I would like to see price reject and then continue to push lower, The previous Bearish engulfing candle has also given me a strong enough reason to enter.
My target is based on the obvious support level at 1.27700 where I will take my full position off the table. Looking at the flip side If price breaks above the 1.2875 level I will be out of the trade.
Remember to plan your trade accordingly and do not over risk on your positions.
Renaldo Philander
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.