i'm already involved in a USDCAD trade, but for educational purpose i want to share with you this setup in lower timeframe.
As you can see in 4hr chart, we broke and closed below X, that invalidates our previous pattern (even though we're still in that trade) giving us reason to believe price is heading lower. Considering that, i search for selling signals down on 1hr and 15m timeframe.
In 1hr chart we can see we have a nice that completes at previous support that was broken. With such a small B, we'd get a inverse risk to reward ratio; that's way i would enter this trade some pips above the completion just to have a 1:1RR.
In the meantime you can trade also the smaller and you could set second target up to D Gartley's completition.
I'm not entering any of those cause i'm already involved, but i hope you find it useful.
If you have any question, please ask.
Otherwise, see you in the next chart!
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