IvanLabrie

USDCAD: Looking for a retracement in a downtrend

Long
FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD is approaching a serious support area as described in my chart.
We have covered this pair extensively with Tim West, in the Key Hidden Levels chatroom.
I had shorts from multiple levels and have covered them for now.

The trade here is to go long when hitting the support level on chart, using a wide stop initially, to then reduce risk and increase position size if proved right. Very simple strategy.
I'd risk 1% using a 1-3 ATR stop initially.

Good luck if taking this trade.
Cheers,

Ivan Labrie.
Time at Mode FX
Trade active: Touchdown.
Comment: We caught the low to the dime here.
If we close above the FOMC level at 1.3788, we can expect further upside.
Trade closed manually: Closed right after the CAD rate decision.
Comment: I went long again and already closed it. Now considering reentering since the downtrend time expires on close.
Trade active
Comment: Monitoring this one for the long side, downtrend doesn't seem to be complete yet.
Comment: I'm long from 1.30974.
Looking to add on retrace, or if we get another valid setup (like a nice base for a rally and a time at mode uptrend signal).
It would be logical to expect consolidation near the high volume price from the previous legs.
Price landed there today and got rejected slightly, but overall, I think it's safe to assume the trend reversed, or is due for a severe pullback.
Comment:
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Crypto, Equities and Commodities. Contact me here or @ http://www.fb.me/LabrieTrading

Related Ideas

Comments

I've already lost a fortune trying to go long in anticipation of that correction. I'm fed up with it. :-(
+1 Reply
IvanLabrie ForceFollower
Yes, that's how it usually works. When we give up, it's when it turns.
+1 Reply
ForceFollower IvanLabrie
Yes, you're spot-on!
Reply
What sl are utou using?
Reply
CoreyInvesFB CoreyInvesFB
You*
Reply
IvanLabrie CoreyInvesFB
"I'd risk 1% using a 1-3 ATR stop initially."
Up to you.
Reply
CoreyInvesFB IvanLabrie
Thanks!
+1 Reply
IvanLabrie CoreyInvesFB
Good luck!
Reply
CoreyInvesFB IvanLabrie
Once again great call Ivan! Congrats to you and your team for all the great work!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out