USD vs CAD Long Trade Setup 1-21-16

FX:USDCAD   U.S. Dollar/Canadian Dollar
USD vs CAD Trade Setup 1-21-16, Looking at the chart of the USD vs CAD on the H4 time frame we can see that price is trending strong to the upside staying above our 100 SMA . The current bearish pressure appears to be just a pullback of the current bull trend therefore offering us an opportunity to get in align with the bull strength. I am looking at the 100 SMA as a area of dynamic support as we should see a possible sign of buying pressure increase in this area, If price violates the 100 SMA we will look to our previous daily bull fractal level at 1.4000 as a sign of static support and a possible entry. We need to wait and make sure of which level price is going to give us signs of buying pressure before entering our trade. It's not enough to know the direction as we need to know location otherwise we'll see the market stop us out then go our way so apply patience. Have a great trading day and God bless! Visit me at
this pair respect moving average more than trends and Elliot waves
+1 Reply
On the 4H time-frame this is a perfect kumo-breakout to the downside . All signs are bearish on ichimoku + WPR ( william's percentage range ) below -80 , and ADX is 100% bearish ( i have see your super old videos on youtube when you used to use the ADX for kumo breakouts ) ! Yes the main trend is bullish BUT you can trade a pull-back
You spoke about PATIENCE, and you really seem can wait on conditions. I Liked your chart sake of that. ;)
ChaosTrader63 PRO moorekapital
Thanks! Yes I am very patient as apposed to my early years. The thing is, I have levels where I look for the trade and until the market hits those levels then I have no reason to be trading.
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