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USDCAD high probability setup with multiple elements

USDCAD offers 5 price elements that strongly agree with each other. Combined, they offer a compelling high probability trade setup waiting for confirmation.

 

5 price features that set up a good reversal

These elements reinforce each other.

  1. Quarterly boxes stacking down points to downside √
  2. Parallel channel offers roadmap that agrees with direction of boxes √
  3. Candlestick reaction to channel resistance ‘confirms’ channel √
  4. Triple top look-alike chart pattern suggesting reversal not a coincident √
  5. Wash n rinse aka failed break aka bull trap at third high of pattern a convenient finale √

Just waiting for neckline to break/price expansion to confirm.

USDCAD candlesticks and line charts point out high probability setup

USDCAD candlesticks and line charts point out high probability setup

 

High probability setups tend to have common elements that agree with each other to form a strong confluence.

Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’.

“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.

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