Potential Long Position for USD/CAD_Trade Plan 2017.08.04
Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level
D1 and H4 are both showing the overall trend is still down with price hold below MA200.
Currently in H1, for the last 2 days, price shows some momentum to the upside after succeeded breaks up confluences of resistance area around 1.25301 - 1.25452 (Price Structure, MA200, Major Down Trendline).
Trade Plan:
If price pull back to this area, re-test it, and rejectd up, long the market to follow the potential of trend reversal to the upside.
With Stop Loss 30 pips and Target Profit 100 pips, the potential trade offers 3.33 Reward-to-Risk Ratio.
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.