USDCAD TA 1/7/19 SHORT to 1.28 updateUSD/CAD has broken through the ascending trend line.
This is still looking like a great short. Im still personally waiting for a retest of the trend line before entering this trade.
If we retest and the trend line holds as resistance then I believe 1.32 will be met very quickly, I feel long term we could be seeing this pair come all the way down to 1.28
You could take a long right now but I am currently in some amazing trades so I am going to be patient and wait for a better set up
Target : 1.28
Let me know what you think!
Usdcadtrade
Trade idea on USDCADFX:USDCAD
Price has been in a bullish rally for some time until the highs from back in June 2018 were met again but no newer highs were formed.
Based on a possible swing trade on the D1 time frame I have been looking for a good (short) entry on H4, noting the bearish flag pattern emerging...
I will look to sell off the previous resistance level at 1.33159 and provisionally target 1.31859 around previous support - bearing in mind that the actual pattern (bearish flag) trade would be completed BUT keeping the swing trade (short) on D1 in the back of my mind.
Sell stop @ 1.33159
Take profit @ 1.31859 (provisionally)
Stop loss @ 1.33451 (above recent highs)
Don't bet the farm, always exercise good risk management
USDCAD - Trade IdeaFX:USDCAD
Price is above 200ema = up trend
Bounce taking place off trend line
Bullish engulfing candle forming
Price is on short term support
My idea is to enter at market price 1.32096
SL below lows @ 1.31545
TP @ recent high 1.33110 (provisional and may be extended)
Always exercise healthy risk management
Looking to go longUSDCAD
1. The last retest off the trend line offered a great opportunity for a buy order so I am looking to possibly do the same again
2. Price is currently on the neck line of an inverse head and shoulder pattern (retest)
3. Retest of trend line taking place as we speak
I will look for:
1. A buy signal to print
2. 50ema to be broken (area of value)
3. Targeting previous resistance
This setup offers a 1:2 risk to reward ratio
**NB - NFP news this afternoon that may violate this setup entirely so expect heavy volatility
Buy USDCAD Longterm Based on Multi Timeframe Trend ContinuationThis research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
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Short USDCAD Longterm Based on Multiple TimeframesThis research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
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Buy USDCAD Short Term Based on 15min TF Bullish Harmonic GartleyThis research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
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USDCAD bouncing nicely, remain bullishBuy above 1.3221. Stop loss at 1.3154. Take profit at 1.3387.
Reason for the trading strategy (technically):
Price has bounced off nicely from our buying area yesterday. We remain bullish above 1.3221 support (horizontal swing low support, horizontal overlap support, fake bearish breakout) for a corrective bounce up to 1.3387 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (89,5,3) is seeing strong support above 0.18% where we’re starting to see a nice bounce up from.
USDCAD testing major support, remain bullishBuy above 1.3221. Stop loss at 1.3154. Take profit at 1.3387.
Reason for the trading strategy (technically):
Price continues to drop strongly and seems to have turned a corner recently. We remain bullish above 1.3221 support (horizontal swing low support, horizontal overlap support, fake bearish breakout) for a corrective bounce up to 1.3387 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (55,5,3) is seeing strong support above 0.18% where we’re starting to see a nice bounce up from.
USDCAD profit target reached perfectly again, prepare to buyBuy above 1.3288. Stop loss at 1.3251. Take profit at 1.3387.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target on USDCAD once again for the third time in a row. We prepare to buy above 1.3288 support (Fibonacci retracement, Fibonacci extension, Elliott wave theory) for a corrective bounce up to 1.3387 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) is testing out 39% support and we expect a bounce soon.
USDCAD profit target reached perfectly, remain bearish Sell below 1.3485. Stop loss at 1.3551. Take profit at 1.3387.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and has reached our profit target. We prepare to sell further below 1.3485 resistance (Fibonacci retracement, horizontal pullback resistance) for a further push down to 1.3387 support (Fibonacci extension, horizontal swing low support).
RSI (34) is holding really well below our 55% resistance and has good downside potential for our drop.