On Friday I uploaded a post asking the forex gods to give me a WM3 at 1.28, the price that marks the role reversal resistance of the double top at MM3. New weekly pivots have come out, I got WPP. I’ll take it.

USDCAD H4

I have placed a pending order at WPP with the stop above WR1 in case price comes up to WM3. TP at MM1.

4 thoughts on “USDCAD I asked for WM3 at 1.28 I got WPP”

  1. Maryna says:

    I’m not trading this pair, but I would only sell on a Daily close below 1.2770 with a bearish signal.

    1. Ryan Gandalf van Jaarsveld says:

      It’s down 69 pips with a target of 202 pips for the week and 365 for the month… 1.27 is going to be tough to get through… Could come all the way back up and double top at 1.29… Stops are in, nothing to do…

      1. Maryna says:

        Agree and I have not sold yet as it only closed with a few pips below my price on the Daily and not good enough..

        1. Ryan Gandalf van Jaarsveld says:

          why not sell high though – 1.28 was clearly resistance. I understand the thought process of waiting for price to break certain levels of support and then getting the pullback though by the time it does you suddenly find yourself out of position when looking to enter the trade. This week, for example, has price below 1.27 though opening at WM2. So now you have lost out on 123 pips because you did not sell at resistance higher up… Is that really productive? Also, the break below 1.28 after a double top? If you are Bear that’s where you sell as per the trade plan above. Fact.

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