USDCAD - Long setup after finding support in channel
USDCAD made an impressive move higher today after finding support at the bottom of the channel shown in the chart above. Using yesterday's huge bullish engulfing candle as confirmation this is likely a good entry point for a long position.
Trade active:
Position opened at 1.32884
Comment:
SL move to BE plus a couple pips to cover costs
Comment:
SL adjustment: 1.334
Price has made it halfway to the top of the channel and is entering "congestion" where price recently found resistance. In the event of a quick reversal here, this will at least turn a profit after trading costs.
Price has made it halfway to the top of the channel and is entering "congestion" where price recently found resistance. In the event of a quick reversal here, this will at least turn a profit after trading costs.
Comment:
SL adjustment: 1.338
Didn't check this chart yesterday but price continues to rise. So, the SL is being manually trailed. Another adjustment will likely be due at the end of the trading day.
Didn't check this chart yesterday but price continues to rise. So, the SL is being manually trailed. Another adjustment will likely be due at the end of the trading day.
Comment:
SL adjustment: 1.342
Comment:
SL adjustment: 1.346
USDCAD is losing momentum as it nears the top of the channel.
USDCAD is losing momentum as it nears the top of the channel.
Trade closed manually:
200 pips is good enough for me.
Trade closed manually at 1.34913
Trade closed manually at 1.34913