Monday, 5 May 2014

usdcad LOOKS BEARISH

The USD/CAD was in a powerful uptrend for a significant period of time…
usd_cad_daily_uptrend_001

But recently, the USD/CAD has shown signs of possibly turning to the downside…
usd_cad_showing_signs_of_bear

Because there is SO much room to the downside caused by the uptrend…
room_to_downside

It makes sense to zoom in and look for Bearish Entries…
usdcad_zoom_in

On the 1 Hour Chart, there is a nice looking bear flag that we could take advantage of…
usdcad_pull

An entry would make sense if it breaks below the recent low…
usd_cad_stop_entry_001

Once again, a large target can be used because of the space created by the Uptrend…
target_001

And that’s how I’d trade the USD/CAD Bear Flag :)

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