#USDCAD short idea
@TradeYodha
(TradeYodha.com)
Analysis:
1. 200 sma in the zone
2. 10sma is ahead of 50sma showing price moving upwards
3. On higher time frame (4H) the 50sma is reaching the zone.
4. The next possible resistance level is in the zone.
5. RSI is not oversold yet.
6. If the price reaches the zone, it will complete ABCD pattern
7. As DXY is not looking very strong we can go for extended targets too.
Trade Execution:
1. Have 2 orders
2. First order will be limit order with 1:1 R/R ratio
3. The second order will be extended target all the way to down point. It will be taken inside the zone to minimise the risk and have a better confirmation.
News Fundamentals:
27 April: 1:45pm USD Flash Services PMI
28 April: 12:45pm CAD BOC Gov Poloz Speaks
28 April: 2:00pm USD CB Consumer Confidence
I would love to hear your opinion, feel free to agree or disagree in your comments. Please give it a (thumsup) if it makes any sense.
@TradeYodha
(TradeYodha.com)
Analysis:
1. 200 sma in the zone
2. 10sma is ahead of 50sma showing price moving upwards
3. On higher time frame (4H) the 50sma is reaching the zone.
4. The next possible resistance level is in the zone.
5. RSI is not oversold yet.
6. If the price reaches the zone, it will complete ABCD pattern
7. As DXY is not looking very strong we can go for extended targets too.
Trade Execution:
1. Have 2 orders
2. First order will be limit order with 1:1 R/R ratio
3. The second order will be extended target all the way to down point. It will be taken inside the zone to minimise the risk and have a better confirmation.
News Fundamentals:
27 April: 1:45pm USD Flash Services PMI
28 April: 12:45pm CAD BOC Gov Poloz Speaks
28 April: 2:00pm USD CB Consumer Confidence
I would love to hear your opinion, feel free to agree or disagree in your comments. Please give it a (thumsup) if it makes any sense.