IvanLabrie
Long

USDCAD: Looking for a retracement in a downtrend

FX:USDCAD   U.S. Dollar/Canadian Dollar
9 months ago
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
9 months ago
Trade active: Touchdown.
9 months ago
Comment: We caught the low to the dime here.
If we close above the FOMC level at 1.3788, we can expect further upside.
9 months ago
Trade closed manually: Closed right after the CAD rate decision.
9 months ago
Comment: I went long again and already closed it. Now considering reentering since the downtrend time expires on close.
8 months ago
Trade active
8 months ago
Comment: Monitoring this one for the long side, downtrend doesn't seem to be complete yet.
8 months ago
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.
8 months ago
Comment:
snapshot
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).

Related Ideas

arif_awan
9 months ago
3 reasons to buy from this level!!!
Reply
IvanLabrie TOP arif_awan
9 months ago
I think it'll 100% go and break that trendline to mess with people, also to mess with the S1 support buyers.
+1 Reply
arif_awan IvanLabrie
9 months ago
agreed, i am gonna buy if it consolidates above the trendline and make some good buy candle signals.
+1 Reply
IvanLabrie TOP arif_awan
9 months ago
Yes, safer.
+1 Reply
ForceFollower
9 months ago
I've already lost a fortune trying to go long in anticipation of that correction. I'm fed up with it. :-(
+1 Reply
IvanLabrie TOP ForceFollower
9 months ago
Yes, that's how it usually works. When we give up, it's when it turns.
+1 Reply
ForceFollower IvanLabrie
9 months ago
Yes, you're spot-on!
Reply
CoreyInvesFB
9 months ago
What sl are utou using?
Reply
CoreyInvesFB CoreyInvesFB
9 months ago
You*
Reply
IvanLabrie TOP CoreyInvesFB
9 months ago
"I'd risk 1% using a 1-3 ATR stop initially."
Up to you.
Reply
CoreyInvesFB IvanLabrie
9 months ago
Thanks!
+1 Reply
IvanLabrie TOP CoreyInvesFB
9 months ago
Good luck!
Reply
CoreyInvesFB IvanLabrie
9 months ago
Once again great call Ivan! Congrats to you and your team for all the great work!
Reply
IvanLabrie TOP CoreyInvesFB
9 months ago
Thanks!

Feel free to stop by the Key Hidden Levels chatroom. We often post similar setups and Tim West shares his views there as well.
Reply
I_see_BTC PRO
9 months ago
snapshot
Reply
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