I'll be scouring the charts for "actionable masterpieces". These will be signficant chart patterns or set-ups that I feel are not only tradeable, but also have a high probability of making big profits with little risk. Whenever I spot an "actionable masterpiece", I will post an annotated chart (my chart art) along with an explanation. My goal is to help you learn how to spot these low ocurring but highly profitable "actionable masterpieces" yourself.
Sell USD/CAD
This pair has rallied for a couple of weeks now from its low around 9950s. There is hidden bearish divergence on the weekly chart where price has made a lower high while the oscillator makes a higher high. I see the recent rally as a correction and now look for the downtrend to resume.
There is also regular bearish divergence on the daily chart where price has a higher high while the oscillator has not.
I'm going to short now at 1.0075. My stop loss (SL) will be 1.0225, above its recent swing high. My initial profit target (PT) will be 0.9950. I will post any trade adjustments in my comments section below.
Sell USD/CAD @ 1.0075 | SL: 1.0225 | PT: 0.9650
