#ForexFargo checking back in!
Today’s Analysis is on USDCAD. I have been eyeing this level on resistance on UCAD since December.
As we can see, this level on Resistance hasn’t been broken in Months, actually since August of 2019.
We are looking for USDCAD sell opportunities as our confluences align perfectly within our Supply Zone and a “near-bounce” off of our Monthly Trendline.
On a Monthly & Weekly TF— You can see that price has failed to break this levels 10 TIMES! Failed to do so.
Daily TF- Starting to show signs of Exhaustion.
Will be looking for Potential entries while waiting for confirmations on a 4hr or 1hr TF.
FOLLOWING IS EXAMPLES OF AN ENTRY AND HOW I WOULD TAKE PARTIAL PROFITS ALONG THE WAY!
SELL LIMIT @ 1.33350
STOP LOSS @ 1.33650 (-30 PIPS)
TP1 @ 1.32855
TP2 @ 1.32455
TP3 @ 1.31950
TP4 @ 1.31525
TP5 @ 1.31145
Today’s Analysis is on USDCAD. I have been eyeing this level on resistance on UCAD since December.
As we can see, this level on Resistance hasn’t been broken in Months, actually since August of 2019.
We are looking for USDCAD sell opportunities as our confluences align perfectly within our Supply Zone and a “near-bounce” off of our Monthly Trendline.
On a Monthly & Weekly TF— You can see that price has failed to break this levels 10 TIMES! Failed to do so.
Daily TF- Starting to show signs of Exhaustion.
Will be looking for Potential entries while waiting for confirmations on a 4hr or 1hr TF.
FOLLOWING IS EXAMPLES OF AN ENTRY AND HOW I WOULD TAKE PARTIAL PROFITS ALONG THE WAY!
SELL LIMIT @ 1.33350
STOP LOSS @ 1.33650 (-30 PIPS)
TP1 @ 1.32855
TP2 @ 1.32455
TP3 @ 1.31950
TP4 @ 1.31525
TP5 @ 1.31145
