USDCAD has been on a downtrend and formed a double top with broken neckline. As it is also on a trendline resistance, I am looking to go short upon a 61.8 Fibonacci retracement of the price from the 2nd top to the swing low. Stop loss is just above the 2nd top while the take profit target is at the 38.2 Fibonacci retracement of the swing low to swing high. I will cancel the pending order if price goes to TP1 before getting triggered.
Trade deatils are as follows:
Trade Setup: Double Top-2618
Price Entry: 1.29724
SL 1.30086 | SL pips 36.2
TP1 1.29233 | TP1 pips 49.1
RRR1 1.36
Trade deatils are as follows:
Trade Setup: Double Top-2618
Price Entry: 1.29724
SL 1.30086 | SL pips 36.2
TP1 1.29233 | TP1 pips 49.1
RRR1 1.36