USDCAD - BAMM breakout trade to 1.3035
This is also known as a RSI BAMM harmonic breakout trade, where price breaking the B point of a Bat pattern will magnetically move the price towards point D at XA 88.6. This strategy is documented in Harmonic Trading Volume 2 written by Scott Carney.
Note that for this kind of trade setups , the R:R is not fantastic, usually just 1:1 or slightly below it depending on where point C is.
For this particular setup, it is on the H4 chart, and the SL might be too wide for some of you guys to stomach.
I highly suggest not risking more than 2% of your account when taking this trade.
EP: 1.3235 (Market Price right now)
SL: 1.3470 (235)
TP: 1.3035 (200)
Am doing testing on this kinds of setup, will collate my results and share with you guys in due time.
Keep learning and be great in trading!
Note that for this kind of trade setups , the R:R is not fantastic, usually just 1:1 or slightly below it depending on where point C is.
For this particular setup, it is on the H4 chart, and the SL might be too wide for some of you guys to stomach.
I highly suggest not risking more than 2% of your account when taking this trade.
EP: 1.3235 (Market Price right now)
SL: 1.3470 (235)
TP: 1.3035 (200)
Am doing testing on this kinds of setup, will collate my results and share with you guys in due time.
Keep learning and be great in trading!
The volume at the breakdown was too excessive, it should be high but not super high.
This is my criteria when I trade setups like this next time.