USDCAD False-breakout Trade +118 Pips

USDCAD H1Like I wrote in the previous post about USDCAD, there was an high chance of a false break-out of the 1.253 resistance due to the weak background, and previous supply signals at that level, meaning it was a likely distribution level. The candle that took prices above the resistance, yet closed below it, due to selling pressure, was a good confirmation of the false break-out and hence a good spot to short. Closed the trade after 2 bullish congestion zones.

1 comment

Donny said:

June 15, 2015 at 8:45 am

Hmm it looks like your site ate my first comment (it was extremely long) so I guess I’ll just sum it up
what I wrote and say, I’m thoroughly enjoying your blog.

I too am an aspiring blog blogger but I’m still new to the whole thing.
Do you have any recommendations for inexperienced blog writers?

I’d really appreciate it.

Write a Comment

Fields with * are required

Leave a Reply