Sobre míMy strategy is based in finding monthly, weekly, daily, and sometimes 4 hour supports and resistances. Moreover, drawing trendlines and using the Fibonacci tool to gain a better understanding of the trend direction.
Good risk-reward opportunity on USDCAD 1:2
1. Price managed to break weekly support (now weekly resistance) and broke also upward weekly trendline, which hadn't broke since february 2018.
2. Price came pushed back up to retest the weekly resistance + trendline, being unable to break it to the upside, showed by various wicks and high volume bearish candles.
This trade idea became active after yestrerday's daily bearish engulfing candle:
1. Price failed to break daily resistance around 1.47600-1.48600. It made a fake breakout and managed to push back again to the downside.
2. Yesterday's bearish engulfing candle signals the power that the sellers currently have, confirming entry to the downside.
3. The power of...