USDCAD- Looking For Long To Channel Top Or Extended Target
Friends,
USDCAD is currently trading rangebound. We, on Friday had a nice buying day, riffing right off the 50EMA. Pinbar on the 50 tells me there was a reluctance to see price go below the 50EMA, which, along with the recent consolidation this stock has made, has made a strong support level.
Target low is where a long term Fibonacci confluence zone is.
Target Hi has been made using conventional channel target measurement rules, providing the ratio confluence zone can be broken, I will be looking for the target hi. Managed to find entries with over 8 Rish/Reward. So the trade is way worth it.
Thanks,
Tom
USDCAD is currently trading rangebound. We, on Friday had a nice buying day, riffing right off the 50EMA. Pinbar on the 50 tells me there was a reluctance to see price go below the 50EMA, which, along with the recent consolidation this stock has made, has made a strong support level.
Target low is where a long term Fibonacci confluence zone is.
Target Hi has been made using conventional channel target measurement rules, providing the ratio confluence zone can be broken, I will be looking for the target hi. Managed to find entries with over 8 Rish/Reward. So the trade is way worth it.
Thanks,
Tom
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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.