I have had a few posts in the recent past, looking for the long side of USDCAD to formulate out of this triangle. As I mentioned in my last post, the larger time frame and pattern will eventually rule over the shorter one. Luckily, I haven't lost too much on the long side of this pair.
I'm going to look into this set up:
Pattern: 20 wk triangle
Trade: Short
Units: 26k
Basis Point Risk: 50 basis points (for now)
Entry: 1.2850 (upon close)
SL: TBD, but will use Last Day Rule
TP: 1.2029
I am fully aware of the monthly support from 1.26170 to 1.2452. I am also aware of the larger H&S pattern on the weekly chart of this pair as well, if we get PA to the downside.
Let me know what you guys think and if you're waiting for something else.
I'm going to look into this set up:
Pattern: 20 wk triangle
Trade: Short
Units: 26k
Basis Point Risk: 50 basis points (for now)
Entry: 1.2850 (upon close)
SL: TBD, but will use Last Day Rule
TP: 1.2029
I am fully aware of the monthly support from 1.26170 to 1.2452. I am also aware of the larger H&S pattern on the weekly chart of this pair as well, if we get PA to the downside.
Let me know what you guys think and if you're waiting for something else.
Trade attivo:
Triggered, but watching closely to see if we bounce off of a support level here with price action or follow through.
Commento:
Thank you, FED! Stop moved to 1.2920.