The USDCAD is clearly on a downtrend on the D1 and H4 timeframes
We will continue the downtrend move on a strong resistance area entry
The stop will be placed above that area of resistance giving it max breathing room.
The entry will be performed at first resistance level in case usdcad doesn't climb to the top of resistance area and falls right away, so we don't miss the move.
The target is a d1 oriented support + psychological level + average day range suitable for the USDCAD moves of 63 pips.
Risk reward: 1.91 : 1
Extra explanations:
- Trade reasoning is key. Always reason why you place the trade. If you have no solid reason to then don't trade.
-
Fear & Greed as human emotions are a key driver of the financial markets
These emotions are based on / arise from the the bull bear data scale
When fear is high to one side, the greed also grows to the other
Buyers are afraid to buy on solid bearish market data
Sellers are greedy to sell on solid bearish data
For this USDCAD scenario
We will continue the downtrend move on a strong resistance area entry
The stop will be placed above that area of resistance giving it max breathing room.
The entry will be performed at first resistance level in case usdcad doesn't climb to the top of resistance area and falls right away, so we don't miss the move.
The target is a d1 oriented support + psychological level + average day range suitable for the USDCAD moves of 63 pips.
Risk reward: 1.91 : 1
Extra explanations:
- Trade reasoning is key. Always reason why you place the trade. If you have no solid reason to then don't trade.
-
Fear & Greed as human emotions are a key driver of the financial markets
These emotions are based on / arise from the the bull bear data scale
When fear is high to one side, the greed also grows to the other
Buyers are afraid to buy on solid bearish market data
Sellers are greedy to sell on solid bearish data
For this USDCAD scenario