$USDCAD Breaks Support - Short to 1.285
Updated
USDCAD Short position - Daily Chart
Entry - 1.3016
Target - 1.2850 (166 pips)
Stop Loss - 1.3091 (75 pips)
Haven't published one of these in a while. I opened this trade earlier today. I was looking mostly at the current trend, price action, and the fact that price has broken multiple levels of support recently. I'm bearish generally on the U.S. dollar in the medium term (~3 months). Currently, 76% of retail traders on Myfxbook are long USDCAD, and that's not usually a great sign for the U.S. dollar. I'm risking 1.5% of my account on this, as things will be volatile between now and election day. Also, price is at an area of support on the daily chart and could rebound.
I like that the candlesticks are below the Ichimoku Cloud, span line, 30EMA, and 200MA. The stop loss is located between the span line and 30 EMA and below a long term descending trendline. We'll see how it goes!
-Zedro
Entry - 1.3016
Target - 1.2850 (166 pips)
Stop Loss - 1.3091 (75 pips)
Haven't published one of these in a while. I opened this trade earlier today. I was looking mostly at the current trend, price action, and the fact that price has broken multiple levels of support recently. I'm bearish generally on the U.S. dollar in the medium term (~3 months). Currently, 76% of retail traders on Myfxbook are long USDCAD, and that's not usually a great sign for the U.S. dollar. I'm risking 1.5% of my account on this, as things will be volatile between now and election day. Also, price is at an area of support on the daily chart and could rebound.
I like that the candlesticks are below the Ichimoku Cloud, span line, 30EMA, and 200MA. The stop loss is located between the span line and 30 EMA and below a long term descending trendline. We'll see how it goes!
-Zedro
Trade closed: target reached
This worked out well. After bouncing very close to the TP level, the price finally hit. There wasn't much time spent in the red on this one and it hit the target fairly quickly. The curse of failed publicly posted ideas is broken. Overall, very happy with how this all went.
-Zedro
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