Networth23
Short

USDCAD 2HR SHORT IDEA!

FX:USDCAD   U.S. Dollar / Canadian Dollar
Here we have a short-term bullish trend coming to meet a weekly trendline . During its ascent, price formed multiple resistance levels that it eventually broke through. Now I am waiting for signs of rejection when it meets the long term trendline (zoom-out on a higher timeframe to identify it) to see opportunities for Short entries. This may be a bearish engulfing candle close at the large trendline , or a breakout and retest of the short-term rising trendline . I’m also using a tight SL to increase RR (No point using a large SL for this trade as if it reaches that far, the trade becomes invalid anyway.) If price continues to drop , I will remove some of my position at each support/resistance level that it meets during the descent to the daily support at the 1.3045 level.

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