McQuak's humble opinion on USDCAD

Price reached possible reversal zone. I’ve got my finger on the trigger to go short.


Which time frame it is?

It’s daily at FXCM

Don’t you think trying to catch the exact point of a price reversal is much harder to do then to join in on an already established reversal? How about setting up a sell entry order just right under that .786 Fib with a tight stop 2% of your account at risk just above it. This way if price breaks down through and you get triggered in, it has a huge reward potential and if it ticks you in and turns around and hits your stop loss you only take a small loss and can reverse your position or renter again at a valid support zone. That’s a full body green candle there which is saying there is more buyers in the market then sellers at the moment and you want to be on the side with momentum. Who’s to say that price wont tick up to retest that last previous peak high before she decides to do anything. The chart is making higher highs and higher lows which is considered to be an uptrend. I’m with you on the bearish opportunity but the entry idea I’ve proposed is a lot less risky because price would have already been traveling in the short direction and you would be just joining in instead of trying to pick a reversal moment. Your feedback is most welcomed :33:

Well said jcandle. I wold like to see 4hr and 1 hr candle at that point to see whether it is reversing or not.
Cheers

Thanks for sharing this chart! I’m also inclined to think that this pair will drop but I’m just waiting for more confirmation, possibly a reversal candlestick on that area you indicated.

did you go short after the high test ? What’s you SL TP ?