USDCAD Long Trade *DAILY SWING TRADE, FIBONACCI & EMA BOUNCE*
For those that follow me... I have been heavily trading USDCAD on the buy side recently. Intraday and swing trade entries have been showing up but the lower timeframes have been choppy.
Here is what I believe to be a solid swing trade set up based off the daily timeframe. With a conservative 60 pip stop loss and target profit at previous daily/weekly highs, there is an R:R of 5:1
My reasons for entry are:
- Weekly bounce of bullish trendline.
- Daily higher high and now higher low
- Daily 50 ema acting as a dynamic support
- Daily is bouncing off the Fib 0.618 retracement level
- Multiple bullish wick rejections
Stop Loss = 62 pips
Profit Target = 350 pips
Here is what I believe to be a solid swing trade set up based off the daily timeframe. With a conservative 60 pip stop loss and target profit at previous daily/weekly highs, there is an R:R of 5:1
My reasons for entry are:
- Weekly bounce of bullish trendline.
- Daily higher high and now higher low
- Daily 50 ema acting as a dynamic support
- Daily is bouncing off the Fib 0.618 retracement level
- Multiple bullish wick rejections
Stop Loss = 62 pips
Profit Target = 350 pips
Trade active
Comment:
Still holding this long position.
