Straight forward and clean Short it since it has a very strong positive correlation with my usdchf idea, cant see why not. Plan of attack!!! bears broke trendline on yesterdays close wait for pullback to trendline which will act as new resistance (previous support) poe - 1.28219 Then take tp1 at 1.26192 (38.2% fib) tp2 1.24055 (61.9% fib) Sl on redline...
The dollar has made some good gains, breaking 1.32 resistance. I'm expecting things to push downard shortly
In corrective pattern with bearish divergence on MACD and RSI
A little early for this but having in mind that price is moving down massively, we may soon have the completion of a bullish cypher patter. But i suppose that price will consolidate at some level before reaching the 0.786 D point of the pattern. This consolidation may offer us a nice sell setup before getting involved with the cypher.
Technical : BEOB ON RESISTANCE ZONE, ENTRY ON BREAK OF DAILY CANDLE Pair: USDCAD Timeframe : D1 Trade : SHORT Entry now : 1.32144 Take profit 1 : 1.28376 Take profit 2 : OPEN Take profit 3 : OPEN Stop loss : At own risk
I have closed this trade with a -75 pip loss. Prices have broken below the X point of the cypher I had initiated this trade on so the reason for this trade has been invalidated. Will now wait for another LONG setup to get LONG. But for now, I am on the sidelines.