USDCAD short on confluence of various levels of resistance
Hello traders, I really like a short here for USDCAD as we are at the top of the daily resistance, this means that we can keep our risk small for a trade with the overall trend.
We are trading on the confluence of at least 3 factors:
1.- Last quarter high
2.- A bulls take profit level because we reached AB=CD in the current swing, which is a common way of measuring a trend.
3.- A pitchfork resistance level. The pitchfork that describes this swing shows that price can't cross the upper parallel line.
This can be part of a large swing down so don't be afraid of targeting hundreds of pips from here.
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We are trading on the confluence of at least 3 factors:
1.- Last quarter high
2.- A bulls take profit level because we reached AB=CD in the current swing, which is a common way of measuring a trend.
3.- A pitchfork resistance level. The pitchfork that describes this swing shows that price can't cross the upper parallel line.
This can be part of a large swing down so don't be afraid of targeting hundreds of pips from here.
If you like, subscribe.
Note
Waiting for a bearish formation
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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.