USDCAD: Downtrend continuation
Updated
USDCAD has confirmed a daily time at mode downtrend aiming for 1.30 as maximum target.
I'm short from last night, using a discretionary entry ahead of confirmation in the daily, but I'll be adding as we progress towards the target and continue to be in the money with our position.
Good luck if going short with me, remember to keep a wide stop loss, either ATR based, or using the mode.
I'll be trailing stops and adding to the position as the trend evolves, it could result in a very large move to the downside based on my observations.
Cheers,
Ivan Labrie.
Time at Mode FX
I'm short from last night, using a discretionary entry ahead of confirmation in the daily, but I'll be adding as we progress towards the target and continue to be in the money with our position.
Good luck if going short with me, remember to keep a wide stop loss, either ATR based, or using the mode.
I'll be trailing stops and adding to the position as the trend evolves, it could result in a very large move to the downside based on my observations.
Cheers,
Ivan Labrie.
Time at Mode FX
Note
Covered for now, no loss, very sudden action today.Trade active
Trade closed manually
To me this downtrend is about to fail, I'm standing aside.The way crude is acting, is causing trends to become shakey.
Note
I reshorted today, smaller position and wider stop.Note
After today's close we have a new mode lower...this is characteristic of a downtrend.Note
Once we get more confirmation, we can add aggressively.For now my position is small, but it's a 2R win at my target (1.3)
Note
Added under a daily low...holding both profitable entries until we hit the target.Note
Added more after we put out a new high.Note
Almost at the target, pay close attention to it, the dollar index is near long term support, but there's still room left for oil to top.Trade closed: target reached
I'm long USDCAD for 2 days now. I think it has reversed.
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ivanlabrie.substack.com/
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