USDCAD BULL in long run but Bear in short term
So as you can see that USDCAD is bull in long run because it is still FIT inside the uptrend parallel channel line but in short term there is H&S formed.
I would want to short it if the "right shoulder" is clearly formed.
But i personally do not llike it when shorting USDCAD when having world situationn being bad and that USDCAD is bull in long run because as you can see in leeman shock,this pair tends to go up when the world is in recession.
So if i entry my short position and fortunately theres a profit of open trade,Im going to see if it breaks the neckline of H&S or not for 45 mins then if it doesnt break up i just simply tp.If it breaks out and successfully form H&S i will see and take profit at the lower parallel line by waiting for 45 mins.
I would want to short it if the "right shoulder" is clearly formed.
But i personally do not llike it when shorting USDCAD when having world situationn being bad and that USDCAD is bull in long run because as you can see in leeman shock,this pair tends to go up when the world is in recession.
So if i entry my short position and fortunately theres a profit of open trade,Im going to see if it breaks the neckline of H&S or not for 45 mins then if it doesnt break up i just simply tp.If it breaks out and successfully form H&S i will see and take profit at the lower parallel line by waiting for 45 mins.