I am a bear on this pair

USD/CAD DAILY SHORT

Market is plat,price is currently at resistance between MM3,psych 1.32000 so as a bear i will be looking for opportunities to sell..

USD/CAD H4 SHORT

Market is plat ,price is currently at resistance between,WR1 and confluence of DM3,with an overbought stoch there for,as a bear i am looking for opportunity to sell between psych 1,32000 and confluence of DR1 ,since price broke through my WR1..

USD/CAD H1 SHORT

market is plat currently price just broke through my WR1 confluence,there for my entry will be at DR1,as highlighted with the blue line...

One thought on “MY USD/CAD SHORT SETUP”

  1. Ryan Gandalf van Jaarsveld says:

    Hi Themba

    I would have mentioned the range on one of your charts – I also would have mentioned that with price being at the top of the range and WR1 with an overbought stoch bears would be targeting WS1 and that with bulls entering at WM2 their target would be WM4. I also would have mentioned some of the fundamental data coming out of Canada this week and made a reference to price action on oil at the moment. I see you have identified a target on H4 as WM2 though on H1 your target has changed. Try and tell a story from daily down to H1 – so if you see price finding solid support at WM2 then look to see where WM2 lies on H1. Also I see you are using daily confluence on H4 – I would suggest using monthly confluence on H4 and monthly and weekly confluence on H1. You want to use confluence of higher time frames on lower time frames. Besides that I agree with this trade plan.

    Best
    Ryan Gandalf van Jaarsveld
    Coach @ MetaTraders.com
    Analyst @ Forex.Today

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