USDCAD: Double Top Pattern at Key Resistance Zone

Price has formed a double top pattern at a key resistance zone better seen at the daily chart below. The pattern forms at a level where we do have the fib projections of previous uptrends in addition to previous structure.

Selling the breakout of the pattern's neckline is our option..!

Daily Chart (Resistance Zone)

RSI is overbought

Handel aktiv:

Price broke below the trendline. Sell orders got filled. Let's go!

Kommentera:

I get questions about sl and tp for this setup. Sl should be placed above the double top highs - 1.3400.. As for tp for those who wish to set and foregt a target 1.30500 would be a realistic level. I will update when we should move our stops to BE for a risk free trade..!

Kommentera:

Price is dropping for good..! Move your stops at BE and enjoy a risk free trade ;)