USDCAD - Triangle Breakout
Characteristics in favor of trade:
1. Triangle breakout.
2. Higher High, Higher lows.
3. Bounce from previous Fibonnaci levels - Rectangle box - 1, 2,3 are .38, .50 & .786 respectively.
Rectangle 4 is 1 so, we should see some retracement to this level and then a move up.
4. Good Risk Reward.
Consideration:
1. Price may not retrace from a to 4 and just go up... ( rare :-) )
2. Price may retrace to the base of triangle .
3. Price may turnaround from a and go further down as this level has been rejected in past - but if it breaks, we are good.
1. Triangle breakout.
2. Higher High, Higher lows.
3. Bounce from previous Fibonnaci levels - Rectangle box - 1, 2,3 are .38, .50 & .786 respectively.
Rectangle 4 is 1 so, we should see some retracement to this level and then a move up.
4. Good Risk Reward.
Consideration:
1. Price may not retrace from a to 4 and just go up... ( rare :-) )
2. Price may retrace to the base of triangle .
3. Price may turnaround from a and go further down as this level has been rejected in past - but if it breaks, we are good.
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