OANDA:USDCAD   U.S. Dollar / Canadian Dollar
This is a trade designed around securing pips on a quieter day of the trading week. There is some high impact news coming for USDCAD today. It should provide enough volatility to see the bottom of that stop sweep one more time and I will be targeting the recent highs of this range.

There has been a recent double bottom on the daily timeframe and price is starting to trend upwards. This is why we are going long Vs going short.

Some important notes for this trade:

Don't take it unless it comes to the suggested entry to protect the risk to reward ratio.

Once the trade has hit the target take partial profits and move your stop loss into profit because this trade has potential to go further.

Again I can't stress this enough don't take the trade unless all prerequisites are met. Flawless entries and extended profit taking with small stop loss is more important than just winning a trade.

If you like my analysis please like and comment, give me a follow and check out the info on my profile.

Thank You

James Devall
Trade closed: stop reached: Unfortunate but it happens, this is why the entry had to be flawless to minimise the risk involved.

Comments

Thanks for the analysis
+1 Reply
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