the first channel has failed, and a secondary channel formed. the price has retraced to the previous support of the first channel which now acts as resistance (upper yellow point), so i expect it to go down (lower yellow point). if the price gets to the second yellow point, i think the support is just to weak to hold it and the price should continue even lower.
i'm ready to get my pips back and some more! 😄
got it back and then some 😄. channel has completed, i've closed the position for +230 pips.
usd is continuing to show weakness signs, however the usdjpy is reluctant to go any lower - will close it if the price reaches new highs.
the previous usdcad setup is valid since we've seen that usd has weakened, but i've missed the second entry point so haven't taken the trade. i think that next time i'll just enter the trade and will exit if it's not confirmed, since it's better to exit with a small loss than never take the trade and miss the opportunity.
i'm not waiting for the price to hit the support exactly since there was a gap in the weekend, so taking it into account, i've already entered the position. also, it's potentially a 200 pips trade, so i don't want to miss the entry because of 20 pips.
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