27-06-2022 _ Short Term Bullish Idea _ USDCAD H4
1- Daily in a rising channel.
2- Price action is bouncing after retesting Top of the Channel.
3- Potential Bearish Divergence.
4- H4 Bearish Divergence.
5- Price action has flipped by creating new LH and LL.
6- Bullish Divergence suggesting a move UP followed by further continuation to the down side.
So we are trying to trade a Pullback / Correction against the potential daily divergence.
As long as the support zone holds my short term view remains bullish.
Enter @ 1.290
Target @ 1.2965
Stoploss @ 1.283
2- Price action is bouncing after retesting Top of the Channel.
3- Potential Bearish Divergence.
4- H4 Bearish Divergence.
5- Price action has flipped by creating new LH and LL.
6- Bullish Divergence suggesting a move UP followed by further continuation to the down side.
So we are trying to trade a Pullback / Correction against the potential daily divergence.
As long as the support zone holds my short term view remains bullish.
Enter @ 1.290
Target @ 1.2965
Stoploss @ 1.283
Note
Marginally hit Stoploss.So Stoploss should have been worked out more maliciously.
Later it hit the target and now there is breakout of the Bullish Flag Pattern.
Target 1.306
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.