USDCAD DOWNTREND TECHNICAL ANALYSIS 8 - 12 OCTOBER 2018

DOWNTREND? - TREND IS NOT CONFIRMED LIKELY TO BE A DOWNTREND
PREVIOUS SWING HIGH - 0.99552
PREVIOUS SWING LOW - 0.95424
BROKEN STRUCTURE - 0.95509
PREDICTION: 0. 98509 - 0.97615
NEXT RESISTANCE - 1.00138
LOOK FOR SHORT ENTRY REASONS ON SHORTER TIME FRAME
ONLY PLACE TRADE IF RISK TO REWARD IS <1
STOP LOSS: 1.00138
TAKE PROFIT 1: .236 RETRACEMENT
TAKE PROFIT 2: . 382 RETRACEMENT
TAKE PROFIT 3: .5 RETRACEMENT
KEEP IN MIND MARKET IS OVERBOUGHT, RSI AND MACD ARE DIVERGING BEARISH AND THERE WAS A BEARING HARAMI AT THE CLOSE OF DAILY CANDLE
PLACE STOP LOSS TO BREAK EVEN WHEN PRICE HIT'S FIRST TARGET
LOOK OUT FOR ECONOMICAL EVENT'S
THIS IS JUST MY ANALYSIS IT COULD BE RIGHT OR WRONG.
PLEASE LEAVE POSITIVE FEEDBACK, CRITICISM, YOUR THOUGHT'S AND YOUR IDEAS
lIKE IF YOU FOUND THIS USEFUL AND FOLLOW ME FOR MORE IDEAS- I WOULD REALLY APPRECIATE IT
GOOD LUCK, TRADERS

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