Categories: Technical Analysis

Selling USDCAD after the break

We’ve been watching the USDCAD since last week. I think we should see double wave correction on the daily chart before any potential continuation up. The way to join is with the break of the up trend line or neck line – the pattern formed reminds head & shoulders.

Technical Overview:
D1: 20+ candles ride on the bollinger bands, potential double wave correction

H1: Head & Shoulders, up trend line/neck line

Entry:
H1: The price pushed down near the last low on the H1 chart so now we should be looking for double wave correction on the M15 chart and sell around the trend line.
Target 1: 1.2360
Target 2: 1.2260 – watch for the Daily Opposite Bollinger Band, you may want to close your position if it is reached before 1.2260
Stop Loss: above the down trend line on H1

Yours,
Vladimir

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.