USDCAD "SHORT TERM" SHORT
JUST AN IDEA, FOR A QUICK GET IN GET OUT TRADE.
I WOULD SAY THIS IS CONTRA TREND WITH LOW RISK REWARD.
THIS IS BECAUSE IF YOU TAKE THIS TRADE, YOU ARE TARGETING THE BOTTOM OF THE CHANNEL WHILE PRICE IS AT THE MID OF THE CHANNEL CURRENTLY.
USUALLY BEST PLACE TO TRADE RANGES IS AT THE TOP OR BOTTOM.
PERSONALLY I DO NOT THINK THAT THE PRICE CAN BREACHED THE LOWER BARRIER OF THE CHANNEL.
BASIS FOR QUICK TRADE IS AS FOLLOW.
D1 PRICE FORMED A "GRAVESTONE DOJI" FOLLOWED BY AN INSIDE BAR
THIS TWO FORMED AROUND THE D1 50SMA AND 20SMA.
D1 PRICE REJECTED FROM DESCENDING TRENDLINE THREE TIMES
BREAK OF A GRAVESTONE INSIDE BAR IS A STRONG SELL SIGNAL USUALLY, BUT ONLY FOR A SHORT TERM MOMENTUM AS IN THIS CASE OUTLOOK IS STILL BULLISH RANGING.
REWARD TO RISK IS 1.5 AT BEST.
SUBSCRIBE LIKE AND COMMENT MY IDEAS IF YOU AGREE OR DISAGREE.
HAPPY PIPPING.
I WOULD SAY THIS IS CONTRA TREND WITH LOW RISK REWARD.
THIS IS BECAUSE IF YOU TAKE THIS TRADE, YOU ARE TARGETING THE BOTTOM OF THE CHANNEL WHILE PRICE IS AT THE MID OF THE CHANNEL CURRENTLY.
USUALLY BEST PLACE TO TRADE RANGES IS AT THE TOP OR BOTTOM.
PERSONALLY I DO NOT THINK THAT THE PRICE CAN BREACHED THE LOWER BARRIER OF THE CHANNEL.
BASIS FOR QUICK TRADE IS AS FOLLOW.
D1 PRICE FORMED A "GRAVESTONE DOJI" FOLLOWED BY AN INSIDE BAR
THIS TWO FORMED AROUND THE D1 50SMA AND 20SMA.
D1 PRICE REJECTED FROM DESCENDING TRENDLINE THREE TIMES
BREAK OF A GRAVESTONE INSIDE BAR IS A STRONG SELL SIGNAL USUALLY, BUT ONLY FOR A SHORT TERM MOMENTUM AS IN THIS CASE OUTLOOK IS STILL BULLISH RANGING.
REWARD TO RISK IS 1.5 AT BEST.
SUBSCRIBE LIKE AND COMMENT MY IDEAS IF YOU AGREE OR DISAGREE.
HAPPY PIPPING.
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