Trade idea is not a strategic view, just a swing trade, as daily time frame still bullish. However the counter bearish move on 4H may have one more leg down.
4H picture:
- Price previously broke below Kumo and broke the uptrend line. Ichimoku setup is neutral with bearish bias.
- Price is retesting Kumo, 100WMA now, Heikin-Ashi signal is still bullish short term
- EWO is bearish
In case we'll have a bearish Heikin-Ashi signal from here, and EWO turns down again, USDCAD will target its previous low. The question as usual: will it make a lower low to 1,3975+?
Initial stop to 1,4455 (adjust it according to your MM rules)
4H picture:
- Price previously broke below Kumo and broke the uptrend line. Ichimoku setup is neutral with bearish bias.
- Price is retesting Kumo, 100WMA now, Heikin-Ashi signal is still bullish short term
- EWO is bearish
In case we'll have a bearish Heikin-Ashi signal from here, and EWO turns down again, USDCAD will target its previous low. The question as usual: will it make a lower low to 1,3975+?
Initial stop to 1,4455 (adjust it according to your MM rules)
