Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
USDCAD has been overall bearish trading inside the falling channel in red, however it is currently approaching around the upper trendline.
Moreover, the zone 1.345 is a supply zone.
🏹 So the highlighted red circle is a strong area to look for sell setups as it is the intersection of the blue supply and upper red trendline.
As per my trading style:
As USDCAD approaches the red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
USDCAD has been overall bearish trading inside the falling channel in red, however it is currently approaching around the upper trendline.
Moreover, the zone 1.345 is a supply zone.
🏹 So the highlighted red circle is a strong area to look for sell setups as it is the intersection of the blue supply and upper red trendline.
As per my trading style:
As USDCAD approaches the red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich