UPDATE - USDCAD BEARISH after breakout

1 Jul 2023

- I'm aware that the price has broken below a key support level that I was expecting to protect the price from hitting my stop loss on the previous idea which was hit, but this however has given me a new viewpoint regarding this resistance level that I've identified which has kept the price below it for 3 days straight with a total of 16 bullish candle wicks touching it. This is more bullish candle wicks than the previous resistance level from 2 weeks ago set between 1.33623pts and 1.33397pts, this was able to influence the price to go down 172.8 pips below the 5th bullish candlewick, which is why I now believe that this new resistance level #1 has the actual power to influence the price of USDCAD to go down 200.5 pips below the 16th bullish candlewick and prevent the price from hitting a 7.5 pip stop loss above it
- TRADERS if you agree with this idea, hit the boost/like I do continue to appreciate it

(GREATER CHARTVIEW)


(MY SELL POSITION OFF THIS RESISTANCE LEVEL) - 7/1/2023
MY ENTRY PRICE is 1.32410pts > the current price of USDCAD
The price of my take profit is set @ 1.30793pts (166.3 pips)
The price of my stop loss is set @ 1.32919pts (46.2 pips)
- PROPER RISK MANAGEMENT will be applied
- ALWAYS APPLY PROPER RISK MANAGEMENT

IF YOU FIND THIS BENEFICIAL, YOU CAN SUPPORT ME BY HITTING THE BOOST AND FOLLOWING ME FOR MORE IDEAS

Buomkuoth Nhial Reath - 20 yrs
GOD IS THE GREATEST