USDCAD False Breakout?
STRATEGY: False Breakout Strategy/Counter-Trend
Long Term Trend Time Frame: 1D/4H
Focus Time Frame: 1H
Market Condition 1D:
Short Term: Downtrend (based on 100ema)
Long Term: Sideways
Market Condition 1H:
Short Term: Sideways
Long Term: Uptrend (based on 100ema)
Area of Value (AOV)
Resistance: 1.32915 - 1.33813
Support: 1.31118-1.30205
Entry Trigger:
1H: Bearish Engulfing
Entry Price (EP): 1.32216
Stop Loss (SL): 1.32426
Take Profit (TP): 1.31234
RRR: 4.68
Analysis:
1H: Price boke above minor resistance but immediately followed by bearish engulfing. Found support at descending trendline, however, price seems struggling reaching new high (pin bar was also formed rejecting higher price). These could be a sign of False Breakout.
NOTE: This post is for my reference/journal purposes only. Trade at your own risk.
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.