USDCAD SHORT
Updated
*New at this, please provide feedback or constructive criticism where you see fit, still learning some of the drawing tools so bear with me*
It looks like USDCAD blew through a resistance line at around 1.41496, but then blew back down shortly thereafter on the 30 minute. At the one minute level we can see that after breaking back down through this previous line of resistance the price came back up and was flatly rejected off of the previous line of resistance that it had previously gone above then subsequently down below again.
Long SMA (200) trending up to meet price and triple HMA overlay (9. 16, and 26) shows the 26 arching up over the faster plots, further indicating a downward trajectory.
I think it'll go down to 1.40715 but then continue it's upward channel thereafter.
It looks like USDCAD blew through a resistance line at around 1.41496, but then blew back down shortly thereafter on the 30 minute. At the one minute level we can see that after breaking back down through this previous line of resistance the price came back up and was flatly rejected off of the previous line of resistance that it had previously gone above then subsequently down below again.
Long SMA (200) trending up to meet price and triple HMA overlay (9. 16, and 26) shows the 26 arching up over the faster plots, further indicating a downward trajectory.
I think it'll go down to 1.40715 but then continue it's upward channel thereafter.
Trade closed: target reached
Well it looks like it blew well past where I expected. Starting to ramp back up -- potentially setting up for another pattern -- head and shoulders at the 1H seems possible.
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