USDCAD- a good area to enter long (1.20000)

FX:USDCAD   U.S. Dollar / Canadian Dollar
708 8 6
After this necessary retracement this pair must find a level to continue its bullish rally.

According to W1 chart analysis:

And D1 analisis i have many reasons to look to buy at this level:

1) fib overlapping
2) channel duplication
3) EMA 200 acting as support
4) trendline support
5) strong psycho numer 1.20000

You can place a buy limit order or wait for a confimation first.

Best regards.
Are you Long now? What exactly is your confirmation to open the position? Just hitting the 1.200 level, or do you wait for the first bullish candle?
(trading beginner questions :-) )
Hello, its a difficult question because it depends on your trading style (agressive or conservative) and you must be comfortable with it. I prefer the agressive style because from my personal experience not always a candlestick appears and we could have a quick reaction at that level.
I switch to lower TF and look for clues to enter long but watching CLOSELY the price action if something develops wrong i must close the trade. Its difficult but offers a better R/R ratio.
The second style i also valid valid, in this case we had a pinbar near that area, a good bullish signal. If your are new i reccomend this style.
P_Parker FullTimeTrader
I like your Trading Style - its the way I wanna do it. It looks and "feels" good for me. But first I have to learn it ;-) Trading View is great for Beginners!
Your Ideas are well explained - and the combination of harmonic/chart pattern, Fibo, S&R, .... give them a great winning rate.
Thank you very much and have a nice weekend :-)
Looks solid.

Let's watch these:

IvanLabrie IvanLabrie
Do you have specific patterns aligning with any of these levels?
FullTimeTrader IvanLabrie
Very interesting, according to my trading system the levels 1.19285 and 1.16482 coincides with my EMA 200 (daily) and EMA 55 (Weekly) levels
1.20000 u mean
Thanks, i did a mistake....... already corrected that
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