thejohn74
Long

USDCAD big buy opportunity

FX:USDCAD   U.S. Dollar/Canadian Dollar
257 5 7
Big buy opportunity with many reasons to go long including a support level from June of last year. Many ways to play this. Conservative traders should wait for a trendline break and retest. Aggressive traders can start scaling in, or look for lower time frame entries. Can easily test back up to 1.3000 without even exiting the bear trend. Be aware that there are lower levels of support , for example at 1.2000. So take that into consideration. If you're using a wide stop and scaling in, be prepared to go that low. Otherwise use a tighter stop and look for second entries if stopped out. Reversals can give fantastic RR, and therefore several false starts are acceptable.
thejohn74 PRO
7 months ago
As another trader pointed out to me, we're also at a 50% pullback level on the weekly chart, although I am skeptical that 50% pullbacks mean as much on such a huge timeframe, simply because some of the power of the 50% level comes from breakeven exits, which probably rarely happen on such massive scales.
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tkarthi1
7 months ago
nice. post more new ideas. good luck
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SimpleChaos PRO
7 months ago
Good Stuff John Thanks
SC
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thejohn74 PRO
7 months ago
We are up 150 pips from when I posted this. One good target is this weeks' open or 1.2900.
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thejohn74 PRO
7 months ago
Well, i didnt call the exact bottom but i did call the bottom. I got in around 1.26, and ended up closing for 240 pips profit with a max drawdown of about 180 pips. All in all a good trade.
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