FX:USDCAD   U.S. Dollar / Canadian Dollar
128 4 2
after entering the cloud and dropping from 1.31 to the 50 SMA inside the 4 hour cloud at around 1.28579 USDCAD             went on a stop hunt to hit all stops at previous high and it re entered the cloud as expected and forming a double top and a right shoulder. This is why when u get a good entry on a 4 hour cloud you use a wide stop it is a long term trade and lower leverage. Safe take profit is at the bottom of this 4 hour cloud which is around 1.24 and stop loss is above the previous high at 1.3105. However move stop loss to 1.28 after it breaks this cloud would be ideal.
Hey max, are you gonna short it now? It's an ending diagonal on my book which might be worth tons. How do you read this?
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Thx Max
+1 Reply
i have my short opened at more than 2 weeks... goes down goes up... at least got stop at 1.32
+1 Reply
Peninha Peninha
ok, i quick... Stop loss hit at 1.32... oil might go even lower with recent news on saudi arabia, iran, etc... when oil goes down, usdcad goes up... us biggest oil supplier is canada
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