Im long term bullish on this pair but after it became over extended i was looking for a short.
Due to my bull bias I wasnt going to open a short position until I saw enough bearish confluence
USDCAD was on my watch list after the large bearish engulfing candle and broke the 4hr 50 ema
Decided to take the short after the 4hr 50 ema retest. opened the position live after the the break and close of the 5 min 50 ema.
Stop loss : Was 40 pips and was placed about the previous highs and above the pivots R1 level
Target : 80 pips , the 0.5 Fibonacci retracement level as well as the previous lows
Result : +4%
Due to my bull bias I wasnt going to open a short position until I saw enough bearish confluence
USDCAD was on my watch list after the large bearish engulfing candle and broke the 4hr 50 ema
Decided to take the short after the 4hr 50 ema retest. opened the position live after the the break and close of the 5 min 50 ema.
Stop loss : Was 40 pips and was placed about the previous highs and above the pivots R1 level
Target : 80 pips , the 0.5 Fibonacci retracement level as well as the previous lows
Result : +4%