Categories: Technical Analysis

Selling from the top on USDCAD

Pair continues to trade higher and I think it will reach a top soon around
the resistance area – 1.1850 – 1.1900. It is also acceptable if the pair reaches
1.2000. This is why we should be looking for sell opportunities

Technical Overview:
D1 – Top of the Bollinger Bands, breaking the up trend line from the tops – watch closely as it might turn into a false break

H4 – Bearish divergence is already there – our trigger is bearish candle and change in MACD histogram to the downside which will complete the divergence

H1 – Also bearish divergence forming – same as with the H4 chart. Push higher around the mentioned resistance zone, bearish candle pattern and bearish
histogram on MACD

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Entry:
The combination of both time frames (H4 + H1) would be a perfect sell trigger
Target 1: 20 MA on the H4 chart
Target 2: 1.1730

Watch the Video Explanation (extract from the daily market forecast video)

Have a profitable trading day!

Yours,
Vladimir

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.