A close below 1.21700 should hopefully see price back down at May lows of 1.19400. Violation of this support level could see price continue down to December highs at 1.15800.
Please feel free to leave me any comment or recommendation of constructive criticism so I can improve or make commentary more clear for you to read;or if you agree or like this idea support by thumbs up. Thank you.Sam
USDCAD is offering relative aggressive trade with entry at current levels based on consecutive shooting stars at resistance levels. Accompanied...
AS YOU CAN SEE THE CHANNEL IS IN LINE WITH FIB RETRACEMENT LEVELS IN WHICH I BELIEVE PRICE SHOULD COME BACK UP TO THE FIB 38 RETRACEMENT BEFORE MOVING DOWN TOWARDS MY TARGET.
DETAILS ON CHART.
THIS TRADE SHOULD WORK OUT PRETTY WELL.
REASON BEING "RANGE TRADERS" WHO BOUGHT AT 1.24 TO TRADE THE RANGE ARE STILL STUCK IN THEIR LONG TRADE, SOME OF COURSE HAVE BEEN STOPPED OUT, SOME HAVE NO STOPS AND STILL STUCK.
THEREFORE THESE TRADERS WHO ARE UNWILLING TO CLOSE OUT AT A LOSS HAVE THEIR STOP LOSS AT BREAKEVEN, I.E. 1.2400.
D1 50SMA 20SMA APPROACHING 1.2400...
Usd/cad just broke the channel after hitting major PRZ (potential reversal zone) on weekly. Now we are waiting for pullback back to the previous channel low. Combined with fibonacci retracment 50 and 61.8
This could mean the first strong setup to the down side after long time.
It is important to catch first setups of the new trend and it might go down so fast...
This pair has been range bound for a number of weeks now. Until a breakout occurs either above 1.28500 or below 1.23500... we will play the range. This is a setup for the short side of this range. Will also be setting up a long setup as well.
USDCAD trade is based on FIB levels and seasonality as we expect crude oil to get strong also in coming weeks and the data which is due this week (Manufacturing numbers and BOC monetary policy report).
At www.TradeSetups.com we like to keep everything simple by providing members with easy to understand trade setups. Right now we are offering 10 day free trial for...
JUST AN IDEA, FOR A QUICK GET IN GET OUT TRADE.
I WOULD SAY THIS IS CONTRA TREND WITH LOW RISK REWARD.
THIS IS BECAUSE IF YOU TAKE THIS TRADE, YOU ARE TARGETING THE BOTTOM OF THE CHANNEL WHILE PRICE IS AT THE MID OF THE CHANNEL CURRENTLY.
USUALLY BEST PLACE TO TRADE RANGES IS AT THE TOP OR BOTTOM.
PERSONALLY I DO NOT THINK THAT THE PRICE CAN BREACHED THE LOWER...
LIKE MOST OF THE PAIRS, I'M LOOKING FOR THIS TO FALL A BIT AND RISE, HOPEFULLY IF I GET SIGNALS I CAN GET ALL 3 MOVES. I'LL HAVE TO DETERMINE THE THIRD MOVE AFTER.
FOLLOW UPS IN COMMENT!
I tested some aspects of this strategy on the NZDUSD pair, and it went really well. i'm now testing it out on another pair to see if it's a pair specific strategy or overall.
Even though i consider this trade a strategy test, or any other test, the first move is always something that is most probable above all others, i would trade this first move, but i'd wait...
