Re-entry of my previous trade
In my previous USDCAD idea, price exceeded TP1. Currently price is retesting the TP1 level, and is showing positive signs of rejection, including an RSI divergence, and a bullish engulfing candlestick earlier. Following that is possibly a double bottom, where we are now.
Excellent entry point here for a massive RR of 1:7 to the next resistance zone. Conservative traders may place wider stop losses, but in my opinion, if we make a lower low from here this idea is invalidated. We also have half a day for price to move up before any news releases potentially cause volatility.
Excellent entry point here for a massive RR of 1:7 to the next resistance zone. Conservative traders may place wider stop losses, but in my opinion, if we make a lower low from here this idea is invalidated. We also have half a day for price to move up before any news releases potentially cause volatility.
Note
Good momentum off the order block, marking a new local highTrade closed: stop reached
Trade P/L: - 9 pips / -100%
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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.