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.
- Quarterly boxes stacking down points to downside √
- Parallel channel offers roadmap that agrees with direction of boxes √
- Candlestick reaction to channel resistance ‘confirms’ channel √
- Triple top look-alike chart pattern suggesting reversal not a coincident √
- 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.
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’. Operates multiple strategies.
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