Trade idea on USDCAD

30 thg 11, 2018

USDCAD

Price has been in a bullish rally for some time until the highs from back in June 2018 were met again but no newer highs were formed.

Based on a possible swing trade on the D1 time frame I have been looking for a good (short) entry on H4, noting the bearish flag pattern emerging...

I will look to sell off the previous resistance level at 1.33159 and provisionally target 1.31859 around previous support - bearing in mind that the actual pattern (bearish flag) trade would be completed BUT keeping the swing trade (short) on D1 in the back of my mind.

Sell stop @ 1.33159
Take profit @ 1.31859 (provisionally)
Stop loss @ 1.33451 (above recent highs)

Don't bet the farm, always exercise good risk management