Like many traders, I initially had a sell on USDCAD due to a rejection from the blue area which is a daily resistance level, to which the trade was closed out at breakeven. A bullish flag has formed with a breakout to the upside followed by what looks like a re-test. A clear rejection from the flag would indicate that price will be ready to test the resistance level again, which may be more likely to break after failing several times.
My initial sell idea will be posted below to show why the trade was taken.
Feel free to share your opinion on this trade.
NOTE: analysis has been simplified for leverage.
My initial sell idea will be posted below to show why the trade was taken.
Feel free to share your opinion on this trade.
NOTE: analysis has been simplified for leverage.
Comment:
INITIAL IDEA:
Lower highs being formed with a 3rd touch on the downtrend + rejection from resistance level. SL was placed at entry (as mentioned above) and closed out.