US/Canadian dollar observed on daily timeframe.
Wednesday's daily closure illustrates a clear rejection of the 1.31 psychological level. By observing higher timeframes we can see this zone is a significant area of multiple price rejections.
Now price has managed to break the zone and complete the retest I am looking to enter a short position on the pair following a strong confirmation candle to the downside. As annotated on my chart we also have a bearish break of triangle giving further indication of where price is likely heading.
We can look to sell to 1.29250 area
Stop loss to be placed around 1.31100 giving good R:R ratio of nearly 1:3
Wednesday's daily closure illustrates a clear rejection of the 1.31 psychological level. By observing higher timeframes we can see this zone is a significant area of multiple price rejections.
Now price has managed to break the zone and complete the retest I am looking to enter a short position on the pair following a strong confirmation candle to the downside. As annotated on my chart we also have a bearish break of triangle giving further indication of where price is likely heading.
We can look to sell to 1.29250 area
Stop loss to be placed around 1.31100 giving good R:R ratio of nearly 1:3
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.