USDCAD Long Trade *DAILY SWING TRADE, FIBONACCI & EMA BOUNCE*
For those that follow me... I have been heavily trading USDCAD on the buy side recently. Intraday and swing trade entries have been showing up but the lower timeframes have been choppy.
Here is what I believe to be a solid swing trade set up based off the daily timeframe. With a conservative 60 pip stop loss and target profit at previous daily/weekly highs, there is an R:R of 5:1
My reasons for entry are:
- Weekly bounce of bullish trendline.
- Daily higher high and now higher low
- Daily 50 ema acting as a dynamic support
- Daily is bouncing off the Fib 0.618 retracement level
- Multiple bullish wick rejections
Stop Loss = 62 pips
Profit Target = 350 pips
Here is what I believe to be a solid swing trade set up based off the daily timeframe. With a conservative 60 pip stop loss and target profit at previous daily/weekly highs, there is an R:R of 5:1
My reasons for entry are:
- Weekly bounce of bullish trendline.
- Daily higher high and now higher low
- Daily 50 ema acting as a dynamic support
- Daily is bouncing off the Fib 0.618 retracement level
- Multiple bullish wick rejections
Stop Loss = 62 pips
Profit Target = 350 pips
Trade active
Note
Still holding this long position.
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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.
Related publications
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.