Pair: USDCAD D1 (5 candle - New York close)
Entry: trend trading with railroad tracks formation - sell limit order
Entry: 1.2859 or 1.2910
Exit: 1.2560
SL: 1.3010
R/R: 1:2 or 1:4
USDCAD - Trading with price action - Railroad tracks formation
USDCAD moved higher two days ago and broke key level at 1.2966. In the D1 USDCAD chart below, we can see a bearish railroad tracks formation that formed after yesterday's candle close at 1.2854. According to my strategy-method-algorithm, I set a pending sell limit order at directly, right on the close of the 2nd (bearish) candle of this railroad tracks' formation. There is another opportunity (2nd chance) to go short at 50% retracement of this railroad tracks formation length at 1.2910. If you would like to see how I pick my entries in the market, check this article
I see the potential for downside movement into 1.2570 - 1.2540 area. As always, trade at your own risk.
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| 10.05.2018 - USDCAD D1 - Trading With Price Action - Railroad tracks |
