Description:
USDCAD is setting up for a potential short — I’m watching closely for an upthrust into the highlighted zone to initiate the position. Here’s my current read:
🔍 Technical Breakdown:
1. Trendline Break
Previous bullish trendline broken with conviction. Market structure now vulnerable to bearish continuation.
2. Volume Spike with Selling Pressure
Notable increase in volume on bearish candles — suggests smart money exiting or early sellers stepping in.
3. Anticipating an Upthrust
Watching for price to sweep the highs around 1.3695–1.3700, fail to sustain, and drop back inside range.
This would provide a low-risk entry with tight stops above the highs and 5r+ down to 1.3652, possibly even lower.
📌 Trade Plan:
Entry Zone: 1.3695–1.3700 (after upthrust confirmation)
Stop: Above 1.3710
TP1: 1.3652 (structure low)
TP2: 1.3600 (extended target if momentum builds)
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🧠 Why This Setup?
This aligns with key principles I trade:
Trendline breaks often lead to retests followed by continuation.
Rising volume on the break is confirmation, not noise.
A failed breakout (upthrust) into previous supply zones is often the "last push" before price collapses.
Let me know if you're seeing something different. This is how I’m planning to attack the chart today.
USDCAD is setting up for a potential short — I’m watching closely for an upthrust into the highlighted zone to initiate the position. Here’s my current read:
🔍 Technical Breakdown:
1. Trendline Break
Previous bullish trendline broken with conviction. Market structure now vulnerable to bearish continuation.
2. Volume Spike with Selling Pressure
Notable increase in volume on bearish candles — suggests smart money exiting or early sellers stepping in.
3. Anticipating an Upthrust
Watching for price to sweep the highs around 1.3695–1.3700, fail to sustain, and drop back inside range.
This would provide a low-risk entry with tight stops above the highs and 5r+ down to 1.3652, possibly even lower.
📌 Trade Plan:
Entry Zone: 1.3695–1.3700 (after upthrust confirmation)
Stop: Above 1.3710
TP1: 1.3652 (structure low)
TP2: 1.3600 (extended target if momentum builds)
---
🧠 Why This Setup?
This aligns with key principles I trade:
Trendline breaks often lead to retests followed by continuation.
Rising volume on the break is confirmation, not noise.
A failed breakout (upthrust) into previous supply zones is often the "last push" before price collapses.
Let me know if you're seeing something different. This is how I’m planning to attack the chart today.
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.
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.