🚀 USDCAD: Get Ready for an Epic Range Trading Adventure!
Hey guys!
it all begins with a key element of this setup: the demand zone. This zone has proven to be a reliable reversal area in the past, and once again, price is bouncing off its robust support. This reaffirms the strength of this zone and sets the stage for a potential bullish rally.
Adding to the case for an upward move, we have the RSI (Relative Strength Index) signaling a bullish divergence. This divergence, combined with the RSI reaching oversold levels, further strengthens our buy signal. It's a compelling entry opportunity at around 1.33600.
As you embark on this trade, consider setting your stop-loss according to your risk tolerance. A conservative approach would be placing it below the demand zone, providing a safer trade with a smaller risk-to-reward ratio of 1:5. Alternatively, a more aggressive strategy could involve setting the stop-loss below the rejection candle, resulting in a risk-to-reward ratio of 1:7.
Now, let's talk profit targets! Our sights are set on 1.36500 as the primary target. However, to make the most of this trade, consider taking partial profits along the way in areas shown on chart. This ensures you lock in some gains while allowing the remaining position to ride the upward momentum.
Trading this range can be an enjoyable experience as you navigate the price action and optimize your strategy. Stay disciplined and adapt to market conditions, but most importantly, enjoy the process of profiting from this setup.
feel free to share your toughts in the comments section, and don't forget to press the like button if you think this insight was helpful 🐂💰💪
it all begins with a key element of this setup: the demand zone. This zone has proven to be a reliable reversal area in the past, and once again, price is bouncing off its robust support. This reaffirms the strength of this zone and sets the stage for a potential bullish rally.
Adding to the case for an upward move, we have the RSI (Relative Strength Index) signaling a bullish divergence. This divergence, combined with the RSI reaching oversold levels, further strengthens our buy signal. It's a compelling entry opportunity at around 1.33600.
As you embark on this trade, consider setting your stop-loss according to your risk tolerance. A conservative approach would be placing it below the demand zone, providing a safer trade with a smaller risk-to-reward ratio of 1:5. Alternatively, a more aggressive strategy could involve setting the stop-loss below the rejection candle, resulting in a risk-to-reward ratio of 1:7.
Now, let's talk profit targets! Our sights are set on 1.36500 as the primary target. However, to make the most of this trade, consider taking partial profits along the way in areas shown on chart. This ensures you lock in some gains while allowing the remaining position to ride the upward momentum.
Trading this range can be an enjoyable experience as you navigate the price action and optimize your strategy. Stay disciplined and adapt to market conditions, but most importantly, enjoy the process of profiting from this setup.
feel free to share your toughts in the comments section, and don't forget to press the like button if you think this insight was helpful 🐂💰💪
Trade active
Comment:
volume analysis, tp's was set based on it
