USD/CAD sell trade | Oct 20,2020 | Managed Forex Accounts by Keon Consultancy
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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.