Long

USDCAD Almost time to go LONG

Updated

The chart shows us the possibility that the USD hit the temporary low against the Canadian Dollar.
I've drawn a bullish wedge that I expect to continue for a little while before it's time to break the resistance.
Thanks for reading and I will keep updating this.

Note

There was a fake breakout of the support, on the
30 minutes timeframe we see a RSI of 76.
It makes me think that it is not ready yet to break the resistance and it will try the support again before the breakout.
Maybe we can get in lower then shown on the chart.
Will update if this is the case

Trade active

Went in this trade with a very aggressive entry as shown on the chart below.
This makes the Risk Reward much higher but it's also a lot more riskier since we can still have another fake breakout of the support and it also could just not be ready to break the wedge yet.
That is also why the trade with this entry has a lower SL.
You can also just enter on the breakout of the resistance, what I normally would do.
This is just for educational purposes.

Note

Since the market moves this way I have taken my profit. A RR of 3 isn’t bad at al.
You could just put your SL at entry or sit it out.
When you have bought at breakout I recommend stop to entry so there are no losses on this one.
My long position did move a bit on my chart and since I’m on my phone right now I can’t simply correct by arrow back.
If it is moved much more I’ll correct this later.

Trade closed: target reached

I would take profit tomorrow if you see some bearish signals on the lower timeframe, it has been a good trade so far.
There was a lot of learning on this one that we will cary on to the upcoming trades.
Thanks for following.

Note

For the holders, the last target has been reached on my broker.

W4DL

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