USDCAD - Pullback Trading Idea - Target reached

2 thg 6, 2020

Hi Traders!
The market is moving in a Donwtrend.

What did the market do until now?
The Downmovement started at the top at 1.40450.

After that it fell straight to the Level 1.37300.
Around there some ranging movements started.

At this point, some traders surely recognized the Bearish Flag Pattern.
Their entry would have been the breakout of the orange box
and the target would've been the length of the first move.

Now you can see that the market exactly reached the target of the Flag-Pattern-Traders.
That's why we are expecting a Pullback.

Ok, but what is the target now?
The market did two major downmovements:

• The "start" at 1.40450 and then
  
• the start of the break at 1.38300.
  

Combining these two Areas together you can detect a "Money Zone".
This is between the two Fibonacci Levels from

• 23.6% of the "big" Retracement and
  
• 50.0% of the "small" Retracement.
  

We recommend to trade carefully as we're trading against the trend.


Thanks and successful Trading :)!

2 thg 6, 2020

Ghi chú

The RED BOX, but in big, just for you :)