Descending Channel on USD/CAD @ D1
The descending channel pattern on the daily chart of USD/CAD can be a good idea to trade a bullish breakout. The channel's borders are marked with the yellow lines. The potential entry level is shown with the cyan line. The potential take-profit level is marked with the green line. I will set my stop-loss to the low of the breakout bar (not shown on the chart). Bearish breakouts will be ignored.
More information, an MT4 chart template, and free tools to trade this pattern can be found on earnforex.com/blog/usdcad-in-descending-channel-since-january-2016/
More information, an MT4 chart template, and free tools to trade this pattern can be found on earnforex.com/blog/usdcad-in-descending-channel-since-january-2016/
Trade active
Entered trade yesterday at 12:58 UTC @ 1.28095. SL = 1.2696.3. TP = 1.32614 (will be going down).Trade closed: target reached
TP @ 1.30400 reached today at 00:44 UTC.
You can find useful tools to detect, build, and trade chart patterns - all completely free on earnforex.com.
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.
You can find useful tools to detect, build, and trade chart patterns - all completely free on earnforex.com.
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.