Price action on the 1/4 hour chart broke through aggressive support at the 13460 area price is going back to the origin of the big break. Price action has also breached the Bollinger band showing upcoming weakness on the pair (usdcad). 2 entry points needs to be taken into account, 1 entry will be the conservative as you can set a short order at current price with a stop loss 25 points away. Giving the risk to reward 1.6 (rounded). The aggressive entry would be the trendline break close strategy were price action need to close below the trendline for a short order to be placed. but having this aggressive entry will decrease the risk/reward ratio.
Trade active
Moving stop loss to break evenNote
Taken profit have a small position open
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.