Categories: Technical Analysis

USDCAD – trend line break failed the first time, anticipating next sell opportunity

USDCAD failed to break the up trend line the first time and it continued higher. The plan remains the same, I’m still following the trend line and anticipating the break. Opposite bollinger band on the daily chart has not been reached yet which gives us extra confirmation that we should see the pair moving south.

Technical Overview:
D1: 20+ candles ride

H1: up trend line

Entry:
H1: Wait for the break of the trend line and the most recent support zone (or last low) to go short with the momentum if present or alternatively wait for correction and enter on the correction.
Target 1: 1.2412
Target 2: 1.2336
Stop Loss: above the last high created before the break

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.