Jan 13 2009
USD/CAD chart shouting a good trading opportunity?
Usd /cad formed double bottom last week and now moving to 1.23 to 1.24 region where lies previous resistance zone.
So we have two trendlines now with lower trendline at 1.18 region and upper at 1.24 region.
This forms a very nice channel to trade if the breakout to either side doesnt happen soon.
The price action with candles will give us an idea of this when the breakout to upside doesnt occur then we can short from 1.24 to 1.23 region with stop loss just above 1.24 region .
So in a long term trades this is a valid and one of the best opportunities on USD/CAD .
The breakout will surely give us the upside target of 1.25 first and then ???1.30?
Why i am biased on short rather than long is the Three tops on daily which should play out showing 1.15 region first and then 1.10 region
Lets see what happens .
Whatever happens we must trade what chart and price action tells us to make profits!
Here i will be posting a chart with the two trendlines
Just go through it and then trade . Use proper money management to gain slowly but steadily …..
The chart shows us clear Three tops pattern and those lines in red ae important trendlines drawn at important levels to give us good trading opportunity.
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