EURCAD has been on a uptrend. The bulls have been more aggressive than than the bears leading to the formation of an ascending triangle. I am waiting for a candlestick to break and close above the horizontal resistance at 1.53450. Thereafter, I will place a buy limit at that level, expecting it to hold upon retest. The stop loss and take profit target are both based on ATR x 2. I will manually cancel the pending order if price goes to TP1 before getting triggered. The trade details are as follows:
Trade Setup: Trend Continuation
Price Entry 1.53450
SL 1.52500 | SL pips 95.0
TP1 1.54400 | TP1 pips 95.0
RRR1 1.00
Trade Setup: Trend Continuation
Price Entry 1.53450
SL 1.52500 | SL pips 95.0
TP1 1.54400 | TP1 pips 95.0
RRR1 1.00
Order cancelled:
This setup is invalidated with a new swing low.