FX:USDCAD   U.S. Dollar / Canadian Dollar
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Following the close back inside the weekly channel price has formed a bullish pennant which has broken north. The current most relevant pattern is active showing a 3rd tap / bank level area for a potential buy.

Comments

Its a Breakout out bro. Will hit ur SL and may go back again only to make an inverted head and shoulder pattern. Wait till Monday day end
+2 Reply
Marcusll faeser10
@faeser10 A pullback is an excellent confirmation for breakout out. What are you think about it?
+1 Reply
faeser10 Marcusll
@Marcusll, yes true. As per you trade shot it was taken on a Buy Stop criteria as you are trusting the TL structure and to take advantage of the early entry. But should have waited for a reversal from the TL and support zone and then entered
Reply
@faeser10, interesting! Thank you by information
+1 Reply
faeser10 Fx-Investmentt
@Fx-Investmentt, wellcome bravo 🙏🏻
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Marcusll faeser10
@faeser10, Yes! I agree with you. It's necessary should have waited for a reversal from the TL and support zone and then enteredThus, the analysis would have be excellent!

But the market did a move of 50%. After it was seek a new bottom.
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@faeser10 Order was triggered then stop was placed on break even as the set up will be invalidated if price where to close back below the trendline. Trade Management and capital presevation was key.
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faeser10 Torres_Capital
@Torres_Capital, lovely realisation and good moove to put you SL to break even
+1 Reply
@faeser10, another reason why I placed stop on break even was the rejection of the level. There was no real momentum if you look at the candlesticks they were very wicky with little bodies. Tts gone now went parabolic north but a trade I'd happily take over and over again as it ticked all my boxes and followed the trading plan!
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@Marcusll All depends on your trading plan and entry criteria. Personall i prefer limit order as it takes away emotions such when you enter manually. A pull back after confirmation is usually my second entry once ive scaled and covered stops on my initial position.
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