# 16 USDCAD [Updated – letting the market decide my trade ]

Screen Shot 2017-08-10 at 3.32.47 pm.jpg

Previously I shared with many to look out for DollarCad, as market was testing key level and was about to prove a directional movement. Last month, on the Monthly Chart, market close below bullish retracement low. This signifies a high probable bearish breakout on this market pair. Additionally, market channel has obviously shown that candlestick is trading out of the zone.

Screen Shot 2017-08-10 at 3.35.56 pm.jpg

Similarly, Weekly Chart, price action shows that market has already broken off bullish channel with it failing to break weekly key level. The price action on recent DollarCad indicates that market would have a decent profit taking on the retracement. This was what caught my attention.

Screen Shot 2017-08-10 at 3.39.17 pm.jpg

[Daily Chart] In order to be apart of the retracement, I’ve to get a highly probable sign to be entering. Obviously, who would want to trade in the opposite general direction. Last Wed, I noticed price action broke off consolidation range with a strong bullish momentum which encouraged an entry to be made.

Screen Shot 2017-08-10 at 3.42.32 pm.jpg

On the 4 Hour Chart, a complete bullish candlestick hit my limit order with a 1:2.84 RR ratio.

Hopefully everyone caught this piece of price action! 🙂



Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s