Charlieab94
Long

USDCAD Long Trade *DAILY SWING TRADE, FIBONACCI & EMA BOUNCE*

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
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
Trade active
Comment: Still holding this long position.
For more technical analysis and FREE trading education, please check out my blog site https://diaryofafinancekid.com

Comments

that engulfing bullish candle confirm the rocket hehehe
+1 Reply
Charlieab94 fxinvestmentgroup
@fxinvestmentgroup, Looking good so far mate :)
Reply
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