USD/CAD analysis | Oct 20, 2020 | Managed Forex Accounts | Keon Consultancy
- KeonConsultancy.com
- Oct 20, 2020
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Return from psychological level of 3000 may give us a trading opportunity in Gold. Buyers may be taking profit and getting out, which may...
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The sell trade hit the TP.
The market fell below C with a faster speed, so the idea of ABCD formation was invalidated. Also, MACD crossover required for bulls didn't take place. The blue line of MACD continued to stay below the red line which indicates bearish continuation. The Hidden Bearish Divergence is in action and market is gonna make a new low below A. Therefore, I took a sell position right a pip below C with SL above recent high and the TP below the previous low, which give me a risk to reward ratio of 1:1.
MACD crossover didn't take place, rather the pair fell below C. NO TRADE.