USDCAD: Retest of Trendline After Breakout
Reason to Entry:
-Valid butterfly pattern (if C point doesn't not exceed A point)
-Fibonacci confluence (2) at 161.8 extension
-in line with rate hike event (possibility of strong USD)
-wait for RSI confirmation
-wait for candle formation ( double top or doji )
-if CD leg are too steep, it's a warning sign price will go lower than entry level
-You can entry with butterfly pattern setup or wait for price touching trendline and make higher high higher close candle
Entry:
-127.2 of butterfly
-161.8 of butterfly
-Retest of trendline
Exit:
-61.8 retracement of butterfly
-price may go higher exceed the A point of butterfly as trend continuation
Void if:
-CD leg of butterfly too steep
-C exceed A point
-Valid butterfly pattern (if C point doesn't not exceed A point)
-Fibonacci confluence (2) at 161.8 extension
-in line with rate hike event (possibility of strong USD)
-wait for RSI confirmation
-wait for candle formation ( double top or doji )
-if CD leg are too steep, it's a warning sign price will go lower than entry level
-You can entry with butterfly pattern setup or wait for price touching trendline and make higher high higher close candle
Entry:
-127.2 of butterfly
-161.8 of butterfly
-Retest of trendline
Exit:
-61.8 retracement of butterfly
-price may go higher exceed the A point of butterfly as trend continuation
Void if:
-CD leg of butterfly too steep
-C exceed A point