A decent opportunity for USDCAD has opened up on the 1hr . I will be looking for price to retrace 50% of that Bullish impulse. Should price move to that zone, i will be entering with 1% capital risked.
Both Stop loss and Take profit have been marked with a risk to reward ratio of 1:2.
Remember to always manage your risk on every trade because no trade is...
Following on from this day's daily candle closure, we are able to be given an impression that the long lower wick below the body demonstrates a rejection of the linear level as well as a further indication for the market to be pushed higher.
We are also able to identify the similar rejection when looking at the 4HR time frame. In addition, from the recent candle...
We have seen price bounce back from the 1.34530 area to 1.32831 where it meets previous support.
We also see a daily inside closure and further upside movement on the pair today.
Further confirmation of the following can be taken in to consideration also.
1 - Daily Inside bar closure above the previous day - shows us buyers are coming into the market...
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...
USDCAD long, rejected nicely off the neckline of the larger time frame H and S pattern and the 0.50 retracement. We saw a break of trendline and a higher high on the hourly chart, with a retracement back to my demand zone which has nice confluence with the 0.786 fib. I entered on the 30m bullish engulfing, and I have place my stop loss an ATR below the lows and...
I am demo trading and documenting my progress. This is not intended to be a sell signal !
Wedge Structure on 1H
Retest of Daily Support and bounce off 1.3330 - Buy prediction on 4H and 1HR with SL set at daily support
Buy at CMP - 1.3340
SL - 1.3330
TP - 1.3370
We are looking for a possible turning point in our green zone then a run to the downside, this area is key on all timeframes and has been used as good resistance, so we are looking for it to be respected as resistance once again.
We will keep you updated on developments of this trade.
USDCAD is simply bullish. Look at the over all and clear up trend. We have just come to the end of a bearish run from the ascending resistance and have finally tested and retested the ascending support. A bullish Pinbar formed at 18:00 on 28th February 2019, which was also rejecting a psychological level of 1.31500 is signaling the start of the next bull run for...