USDCAD - Technical Aspect:
- Pattern: Rising Wedge
- Fib Retracement: At 0.23 - Measured could reach the next Fib Retracement area of 100.
- Support: 1.26805, 1.26690, 1.26360
- Resistance: 1.27145, 1.27315, 1.27600, 1.27910
(The target areas I will be approaching as time goes by - high lighted in Blue)
The approach you could take towards this trade idea:
As I always mention and I will repeat this 100 times because it's very important - Go with what's on your trade plan!
The greatest potential trading gives us is the immense amount of creativity it gives us traders, the way we all trade is different and that's what makes you a great trader - allow yourself to have your own edge towards the market this is just an idea I give you, add your own analysis, your own opinion matters most it gives you confidence. I may not use lagging indicators but I know very successful institutional traders that do and they excel well because that's there edge. Do what suits you best! Making sure your strategy is successfully generating capital that's what matters.
Key tip: Never copy ideas, you will always be one step behind.
All the best,
Trade Journal
(Just a trade idea, not a recommendation).
- Pattern: Rising Wedge
- Fib Retracement: At 0.23 - Measured could reach the next Fib Retracement area of 100.
- Support: 1.26805, 1.26690, 1.26360
- Resistance: 1.27145, 1.27315, 1.27600, 1.27910
(The target areas I will be approaching as time goes by - high lighted in Blue)
The approach you could take towards this trade idea:
- Wait for the break out, go in at the pull back for great R/R
- Add orders
- Add alerts
- Adding further confluence check oil instruments
As I always mention and I will repeat this 100 times because it's very important - Go with what's on your trade plan!
The greatest potential trading gives us is the immense amount of creativity it gives us traders, the way we all trade is different and that's what makes you a great trader - allow yourself to have your own edge towards the market this is just an idea I give you, add your own analysis, your own opinion matters most it gives you confidence. I may not use lagging indicators but I know very successful institutional traders that do and they excel well because that's there edge. Do what suits you best! Making sure your strategy is successfully generating capital that's what matters.
Key tip: Never copy ideas, you will always be one step behind.
All the best,
Trade Journal
(Just a trade idea, not a recommendation).
Trade active:
Long.