Is USDCAD Going For Longs Or Shorts ?
Updated
USDCAD is on a very strong Bearish Trend, But On a 30minutes timeframe we can Spot a new uptrend that is currently forming and we can capitalise on those small scalp trades.
If the price action breaks above 0.65759 our recent higher high and gives a strong confirmation like a bullish engulfing candlestick, that will mean we going for overall Buys with SL-0.65633 and TP-0.66300, that will be a good 1:4 RR.
But If the price action breaks below 0.65371 our recent higher low and gives a strong confirmation like a bearish engulfing candlestick, that will mean USDCAD is not ready for Buys so we going with Sells with SL-0.65517 and TP- 0.64870, that will be a good 1:4 RR
IF NO ENTRY CONFIRMATION IS PRESENTED THEN NO TRADE SHALL BE TAKEN.
If the price action breaks above 0.65759 our recent higher high and gives a strong confirmation like a bullish engulfing candlestick, that will mean we going for overall Buys with SL-0.65633 and TP-0.66300, that will be a good 1:4 RR.
But If the price action breaks below 0.65371 our recent higher low and gives a strong confirmation like a bearish engulfing candlestick, that will mean USDCAD is not ready for Buys so we going with Sells with SL-0.65517 and TP- 0.64870, that will be a good 1:4 RR
IF NO ENTRY CONFIRMATION IS PRESENTED THEN NO TRADE SHALL BE TAKEN.
Note
I made a typo Its AUDUSD not USDCADTrade active
AUDUSD has Broken Below 0.65371 and gave a Bearish engulfing candlestick on the 5min TF, Entry has been triggered, SL and TP has been set for a 1:4 RR.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.