USDCAD produced a double top on the H4 chart. The price has made a breakout at the neckline and started having consolidation. If the resistance level produces an H4 bearish engulfing candle breaching today’s lowest low, the price will head towards the South with a good bearish momentum later today. Let us have a look at the H4 USDCAD chart.
This is another trade idea generated by the Elite Swing Trader.
The price made a breakout at the level of 1.31475 which is the neckline of the double top. It came down up to the level of 1.31325 and started having consolidation. If the breakout level is held and it produces an H4 bearish engulfing candle to breach the level of 1.31225, then the price would head towards the level of 1.31075 without having that many pauses. Let’s have a look at the summary of the trade…
- Sell Stop Order: 1.31048
- Stop Loss: 1.31586
- Take Profit: 1.30449
There is a lot of space towards the downside, so the sellers may want to take partial profit. The double top looks good to be able to drive the price towards the downside as far as the daily chart as well. This eventually brings more liquidity and more selling pressure. There is a saying that let your profit run. The best way to let our profit run is taking partial profit and let the rest of the profit run to get us more pips. To be a good trader, we must learn the art of taking partial profit.
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