USD/CAD SHORT BIAS-Bounce off Resistance, Retest Weekly Support

My short-term bias for USD/CAD is SHORT. The price has just bounced off the daily resistance and has started to go lower. The price recently broke out of the wedge it was in, so long-term it should go higher to the 1.40 level. It will retest the wedge and the weekly support level before heading higher. to confirm the weekly support as a TP level, the 0.382 fib level is the same as the weekly support level and also touches the wedge. But the price must break the 4HR trend line before a short trade can be taken out.

Trade ist aktiv:

Price doesn't look like it's breaking the 4HR support level. Instead, if you look on the 1HR chart, it looks like it's creating a morning star formation. Will wait till the end of the hour, if the candle remains strongly bullish, will take out a long trade.

Trade geschlossen: Ziel wurde erreicht:

Entered the trade. Realised the 4HR resistance wasn't going to break, and closed at a small profit. 15 pips.

Kommentar:

Could have rode this trade all the way down. Instead, I didn't manage the trade properly and exited manually very early.