Respecting the downtrend trendline. Broke the uptrend trendline and re-tested as resistance. 4 targets set on the way to to the final TP. Excellent reward : risk. Have a look at my previous USDCAD trade to get a bigger picture of what could happen.
Note: some analysis has been removed and changed for simplicity.
Note: some analysis has been removed and changed for simplicity.
Trade closed: stop reached:
SL hit
Trade active:
Re-entry on this pair has been taken (late update). The reason for this re-entry can be seen from my previous USDCAD long-term plan, where the price of 1.33800 had tested the top of the resistance zone before dropping as expected. The trade is currently running with two of the five targets already hit.
Entry: 1.33260
(Didn't have time to post another idea due to being on holiday)
Entry: 1.33260
(Didn't have time to post another idea due to being on holiday)
That's the trade taken. Another nice position for sellers to get into as resistance has been rejected.