Categories: Forex Trade Updates

USDCAD – anticipating the break of the triangle

I’ve been following this pair for some time now and already had intraday setups but I think this triangle formation is about to be broken so it’s worth paying attention to and put it on the watch list. Regardless of the direction of the break i will try to join, and here is the plan. Keep in mind there could be low volatility because it is NFP week. It is also important that the D1 chart shows hidden bullish divergence already, so if the break happens to the down side, the move might be limited, and further continuation up may follow.

Technical Overview:
D1 – triangle/wedge

Entry:
H1/H4 – Wait for the break to happen. You can join either with the momentum or once the break is confirmed (break, re-test, continuation).

BUY SCENARIO
Target 1: 1.2750
Target 2: 1.2900
Stop Loss: below the broken up trend line and resistance

SELL SCENARIO
Target 1: 1.2200
Target 2: 1.2100
Stop Loss: above broken trend line and support

Video Explanation:

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.