After stalling on Resistance the USDCAD -0.06% has provided a 12hr indecision bar that I will use as my Entry for a SHORT Trade. I will set two profit levels consistent with lower time frame Support Levels. My Entry and Stop will be taken a few pips either side of the 12hr Indecision Bar. Fridays High Test Bar should be considered when placing your Stop. That said, the high test bar does show the the 'Sellers' took control and pushed price back down to Support.
I like to consider the USD Index when trading Majors and at present it appears to supports a position to SHORT the USDCAD.
I like to consider the USD Index when trading Majors and at present it appears to supports a position to SHORT the USDCAD.
Comment:
First Target (Profit 1) is 1: 1.3 and the final Target is 1: 3.25
Order cancelled:
This Trade hasn't triggered at this stage however we are only 2 hours away from the US High Impact News. I don't want to trade through this NEWS in this position so I am going to Close this trade before it triggers.