2018Dec05 USDCAD H4 Double Top-2618

Dec 4, 2018

USDCAD has been on an uptrend but has broken its trendline support. There is a double top with broken neckline. I will place a sell limit at the 61.8 Fibonacci retracement level of the right top to the swing low. This is in confluence with the broken trendline support. I expect that level to hold upon retest. Stop loss is just above the right top. The take profit target is at the swing low. I will cancel the pending order if price goes to TP1 before getting triggered. Trade details are as follows:

Trade Setup: Double Top-2618
Price Entry 1.32673
SL 1.33387 | SL pips 71.4
TP1 1.31644 | TP1 pips 102.9
RRR1 1.44

Dec 5, 2018

Trade active

Dec 6, 2018

Trade closed: stop reached

SL hit! (December 5)