A great setup has formed on the USDCAD market today,
What’s happened here is the market has topped out and consolidated above a support level. After a few weeks of churning the market broke through the support level that was containing price and moved back up to re-test the breakout level, confirming it as a swing level (new resistance).
A rejection candle formed on the daily chart as a result and there was even a strong H4 outside bar that was being discussed in the War Room chat room during the London/New York session. I had a Price Action Protocol retracement order set before I went to bed and it’s been triggered when I was asleep.
You can still jump in on this trade, it’s advised that stops be placed above the high due to the volatile nature of the CAD.
What’s happened here is the market has topped out and consolidated above a support level. After a few weeks of churning the market broke through the support level that was containing price and moved back up to re-test the breakout level, confirming it as a swing level (new resistance).
A rejection candle formed on the daily chart as a result and there was even a strong H4 outside bar that was being discussed in the War Room chat room during the London/New York session. I had a Price Action Protocol retracement order set before I went to bed and it’s been triggered when I was asleep.
You can still jump in on this trade, it’s advised that stops be placed above the high due to the volatile nature of the CAD.