FinancialGamblR

High reward to risk trade on USDCAD on 4H rejection

Short
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
While this is a weaker level over on the daily time-frame, on the 4-hour, you can see that price has stalled. After two indecision bars, the last 4 hour session was met with a sell-off. We are not waiting for confirmation on this trade in order to maximize the reward to risk ratio. I have taken this trade with a modest 25 pip stop loss. Profit target has not been set as this is in the overall direction of the bearish trend. If this breakout lower does hold up, we will be seeing a much stronger bearish movement for the days ahead.

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