USDCAD Another Potential Long Scalp

FX:USDCAD   U.S. Dollar/Canadian Dollar
a year ago
I've been following this USDCAD             since last week, scalping the moves to the upside and getting out before the pullbacks. I was able to fully capture both of the last two upside moves and get out before the pullback. The first one:
USDCAD Potential Long Scalp

The second one:
USDCAD Another Potential Long Scalp

This pair is clearly in an uptrend, marked by the green trend line , with price action touching the trend line 4 different times now. Since the break above the 200 EMA we have not seen a lower low, and price action has consistently been making higher highs. The price action on this pair has also been respecting fib retracements to the T, usually around 50% is where the reversal has been taking place. With that being said, I am expecting this pair to run up to around 1.34000 and retest the highs on the higher time frames. As per the previous pullbacks I am expecting the reversal and the bullish momentum to enter in around the 50% retracement , however the 38.2% fib retracement, 50% fib retracement, 61.8% fib retracement, and the trend line are all potential pullback destinations and reversal zones. To ensure the least amount of risk and the greatest amount of potential for this trade I will be waiting for the bullish momentum to enter into the market AFTER the pullback has occurred. The upside move should, at the very least form a double top , and potentially see new structure highs near the weekly resistance level of 1.33850.

Please note the following rules below for entry to the upside:
Price action remaining above the trend line
Price action picking up some upside momentum , reversing to the upside after a pullback to either the 31.8% fib level, 50% fib level, 61.8% fib level, or the trend line
Enter on bullish momentum breaking out of the pullback channel
Profit whatever you can get, but keep in mind the possibility of a double top . If that previous structure high is broken 1.33850 is a weekly resistance level and therefore the final upside target for this position.
Stop loss at around 1.31000

This trade will lose its potential if the first rule becomes no longer applicable. For example if bearish momentum pushes price action substantially below trend line .

If you find yourself liking my style of trading please feel free to follow me as I will post potential trades like this rather frequently.
a year ago
Order cancelled: Due to the trend line being broken this trade is no longer active.
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