USDCAD, TCSL (trend continuation structure level) analysis

2020년 4월 6일

My first analysis of the market from a few weeks ago. In this example I use the 123 rule to identify a trend move (in this case an uptrend). As it breaks through the resistance level, it rises creating higher highs and then continues to bounce off the resistance level that becomes the support also creating higher lows. This most likely happened due to selling pressure as it bounces twice before we are given a bullish engulfing, which would represent our conformation for a good entry point in a possible long position. furthermore as you see with a 2:1 R:R, it was a successful long trade hitting the take profit target!