Hello,
USDCAD breached the bearish strength trend line after creating divergence on the daily chart. Since then we have come back down and are currently retesting the trend line that was broken. This is the optimal entry point. This is contrary to what I thought would happen, but the market made the action, so we're going to see where it takes us.
I've noted this trade on the 4 hour but it is a daily trade as well.
Here is a look at the hourly too:
Cheers and Enjoy the rest of your week!
USDCAD breached the bearish strength trend line after creating divergence on the daily chart. Since then we have come back down and are currently retesting the trend line that was broken. This is the optimal entry point. This is contrary to what I thought would happen, but the market made the action, so we're going to see where it takes us.
I've noted this trade on the 4 hour but it is a daily trade as well.
Here is a look at the hourly too:
Cheers and Enjoy the rest of your week!
Comment:
I guess the mainscreen switched off the 4 hour - Here's the chart:
Trade closed manually:
USDCAD Could not hold the previous resistance as support. Upper trend line has been re-drawn, the possibility to go short is now significantly greater.
Daily is unchanged - A hard sell lower will more than likely just strengthen existing divergence and a future buying opportunity.
4-Hour - Trend Lines have been adjusted and divergence is no longer applicable. CAD GDP Releases Friday Morning and will most certainly give a sharp rise/decline. Due to the market's hesitation today it could go either way but sells are now more likely.
Cheers
Daily is unchanged - A hard sell lower will more than likely just strengthen existing divergence and a future buying opportunity.
4-Hour - Trend Lines have been adjusted and divergence is no longer applicable. CAD GDP Releases Friday Morning and will most certainly give a sharp rise/decline. Due to the market's hesitation today it could go either way but sells are now more likely.
Cheers
