USDCAD - Selling the Bounce from the Mirror Level - with mtfa

Hi Traders!
The market is in a downtrend.

Let's begin the mtfa with the weekly Chart.
Here is it:

As you can see there is a descending parallel channel.
The price is also respecting two major Support and Resistance Level.
This was the most important things for the weekly.

Let's move on to the Daily Chart:

Here we can recognize a repetitive pattern.
The market makes a down movement, then it makes a correction.
Then it moves down again and again a correction.
Do you think the market will fall even further?

However, we now know in which direction we want to trade:
We want to sell.

Moving on to the H4-Timeframe:

Here we can see a mirror level.
This is an explanation for the Newbies:
It's a Level which was Support or Resistance in the past and than it became a Resistance or Support after crossing the other side.

In this example we can see that the mirror Level just broked down.
Last but not least, here is the H1:

This is the way you can enter.
We see the H4-Breakout zoomed in.
Now we're waiting for a Pullback towards the orange Box.
Mostly, the price wants to Retest the Break to validate it.

The Stop Loss is above the last high.
And the TP is at a conservative Level.

We recommend to trade the Pullback in combination with a strong candlestick pattern,
so you can be sure that the Pullback is over.


Thanks and successful Trading :)!

Comment:

Here is the RED BOX in the case someone needs it ;)