USDCAD - GREAT Bearish Opportunity > SELL!
HEY Traders and Investors. This is my current viewpoint and belief on what will most likely happen to the price of USDCAD this upcoming trading week - pls show your support by hitting the boost/like and follow if you agree with this prediction.
* To start it off, I've been noticing that the price of USDCAD has gone down -1.02% in the last seven days - since there was a resistance level that had 18 bullish candle wicks touching it at the time, which had the ultimate power and influence within itself to push the price down 136.6 pips from it
* The price of that resistance level was set between $1.34444pts and $1.34630pts
(My thought process behind this SELL POSITION) - 6/11/2023
- I've observed that this is a significant resistance level that possesses the power to impact the movement of the price of USDCAD. This recent resistance level #3 has a total of 43 bullish candle wicks touching it, which according to my analysis, has the potential to push the price down 137.5 pips from the 43rd and protect the price from hitting a 10-pip stop loss above the 43rd bullish candlewick - since interestingly the previous resistance level #2 above this RL #3 had fewer bullish candle wicks, yet it was still able to push the price down 137.1 pips and prevent the price from hitting a 14 pip stop loss above the 18th bullish candlewick
- Based on these observations, I believe this resistance level #3 to be more effective in influencing the price to hit my take profit
(GREATER CHART VIEW)
(MY SELL POSITION OFF THIS RESISTANCE LEVEL)
My entry price is $1.33352pts > the current price of USDCAD
The price of my take profit is set at $1.32181pts (117 pips)
The price of my stop loss is set at $1.33795pts (44.3 pips)
MY RISK MANAGEMENT IS APPLIED
*always be aware of your risk management above all else
- IF YOU FOUND THIS BENEFICIAL, ONCE AGAIN, support me by hitting that like/boost and follow I would appreciate it
(Bk) Buomkuoth Nhial Reath
CHRIST IS KING AMEN
* To start it off, I've been noticing that the price of USDCAD has gone down -1.02% in the last seven days - since there was a resistance level that had 18 bullish candle wicks touching it at the time, which had the ultimate power and influence within itself to push the price down 136.6 pips from it
* The price of that resistance level was set between $1.34444pts and $1.34630pts
(My thought process behind this SELL POSITION) - 6/11/2023
- I've observed that this is a significant resistance level that possesses the power to impact the movement of the price of USDCAD. This recent resistance level #3 has a total of 43 bullish candle wicks touching it, which according to my analysis, has the potential to push the price down 137.5 pips from the 43rd and protect the price from hitting a 10-pip stop loss above the 43rd bullish candlewick - since interestingly the previous resistance level #2 above this RL #3 had fewer bullish candle wicks, yet it was still able to push the price down 137.1 pips and prevent the price from hitting a 14 pip stop loss above the 18th bullish candlewick
- Based on these observations, I believe this resistance level #3 to be more effective in influencing the price to hit my take profit
(GREATER CHART VIEW)
(MY SELL POSITION OFF THIS RESISTANCE LEVEL)
My entry price is $1.33352pts > the current price of USDCAD
The price of my take profit is set at $1.32181pts (117 pips)
The price of my stop loss is set at $1.33795pts (44.3 pips)
MY RISK MANAGEMENT IS APPLIED
*always be aware of your risk management above all else
- IF YOU FOUND THIS BENEFICIAL, ONCE AGAIN, support me by hitting that like/boost and follow I would appreciate it
(Bk) Buomkuoth Nhial Reath
CHRIST IS KING AMEN