USD/CAD - Swing Trade - Trendline break
Trendline Break Play:
1.Wait for a valid trendline break on a higher timeframe (e.g., 1-hour chart).
2.Wait for Closure Above 1-Hour Resistance:
Wait for a full candle to close above this resistance to ensure a genuine breakout.
3.Wait for Retest of Support:
After the breakout and closure above resistance, wait for the price to retrace.
The previous resistance should now act as support.
4.Take Entry on Support:
Enter the trade when the price touches the newly formed support.
5.Risk Management:
Place a stop loss below the retested support level, giving some buffer to account for volatility.
1.Wait for a valid trendline break on a higher timeframe (e.g., 1-hour chart).
2.Wait for Closure Above 1-Hour Resistance:
Wait for a full candle to close above this resistance to ensure a genuine breakout.
3.Wait for Retest of Support:
After the breakout and closure above resistance, wait for the price to retrace.
The previous resistance should now act as support.
4.Take Entry on Support:
Enter the trade when the price touches the newly formed support.
5.Risk Management:
Place a stop loss below the retested support level, giving some buffer to account for volatility.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.