PriceActionTrading
Long

USDCAD INSIDE BAR LOOKOUT

FX:USDCAD   U.S. Dollar/Canadian Dollar
510 39 19
UPDATE : STOPPED OUT. I AM NOT TRADING THIS IDEA ANYMORE. BUT WONDERFUL PIN BAR FORMED ON H4 D1. WORTHY OF TRADING.

W1 TELLS US THAT THE BULLS ARE STRONG.
SO I WILL BE TAKING LONGS ONCE PRICE GIVES ME A GOOD RISK REWARD.
I WILL BE LOOKING FORWARD TO THE BREAK BELOW THE INSIDE BAR
FOLLOWED BY H4 CLOSING BACK INSIDE THE INSIDE BAR
THIS SIGNIFIES BEAR TRAP AND WILL HELP INTENSIFY BULLS

THIS IS NOT A "PUT A BUY ORDER BELOW THE INSIDE BAR" TRADE.
THIS IS AN "OBSERVE TO SEE IF BEAR TRAP IS FORMED" TRADE.

THIS IS A GOOD 3 BAR INSIDE BAR FAKEY SETUP THAT I PERSONALLY HOLD A HIGH REGARD FOR.

There are many ways to enter USDCAD             long and i personally find this the most promising one since an inside bar is formed.
IF price breaks and close below the mother bar today. Then this trade entry is invalidated. We have to look for price action rejection pattern at 1.2000. Best case scenario and best RR.
W1 SHOWING THE PRETTY OBVIOUS PIN BAR
snapshot
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moneymaking
2 years ago
Hey price action, Nice weekly pin bar. Let's see how this play out.
+1 Reply
PriceActionTrading moneymaking
2 years ago
Yes i am just posting viable trade setups here. Do not overtrade though like what we mentioned just now.
At any point in time i may close my existing trades early (at a profit only) to enter another more profitable trade.
Or place SL at BE to enter another viable trade while still risking 2% only. I favour this more.
+1 Reply
bottom break achieved. looking for completion of that fakey now by closing back inside the inside bar.
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Price created a fakey as expected.
Price moved lower then closing back inside the inside bar. trapping the bears.
I am expecting upwards motion now.
Are you already in?
+1 Reply
moneymaking PriceActionTrading
2 years ago
Not really. I didn't quite understand the entry level. Don't really understand the inside bar concept.
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PriceActionTrading moneymaking
2 years ago
Hi moneymaking, hope i can clarify your doubts by my explanation here.
Price moved below the inside bar, people would sell but end of trading day price went back inside the inside bar. These people are trapped?.
they have only two choice,
1)sell now at a loss or
2)put their stop loss at the TOP of the inside bar since that is the point where their sell trade would be invalidated.
but think about it, both choices would lead them to BUY so as to close their position.
So essentially this fakey idea is to load on their misery/ride the wave, so to speak.

snapshot
+1 Reply
moneymaking PriceActionTrading
2 years ago
Perfect price action. Thank you so much. This makes much more sense to me now. Is it to late to enter now?
+1 Reply
PriceActionTrading moneymaking
2 years ago
No it is not too late. Now is in fact good. with a 50-70pips SL.
+1 Reply
moneymaking PriceActionTrading
2 years ago
Awesome :)
+1 Reply
PriceActionTrading moneymaking
2 years ago
I have a buy @ 1.2060 with 1% risk this time. Not the usual 2% as the reward for this could be a lot i need not risk 2%.
Also i have entered this trade without confirmation (which is break of the upside of the inside bar).
+1 Reply
moneymaking PriceActionTrading
2 years ago
Nice. I'm with you on this one. Now comes the best part of trading, waiting :)
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PriceActionTrading moneymaking
2 years ago
Yes good luck moneymaking, but do your own analysis. we may see different stuff. but this inside bar fakey is a favourite one of mine.
+1 Reply
moneymaking PriceActionTrading
2 years ago
For sure. I always do my analysis first and then look at other peoples ideas. But I also make sure that I don't let other people's ideas affect my own trading plan. I believe this is the most important thing to keep in mind while looking at what other people ideas.
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Hi all, i would just like to repost my chart again showing the confluence.
I didnt post the very obvious W1 pin bar for obvious reason, it didnt change during the week :).

D1
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USDCAD not looking good....
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Casey_Yeo PriceActionTrading
2 years ago
Take a break from the chart mate.
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PriceActionTrading Casey_Yeo
2 years ago
Yes. Going soon. Just wanted to check in on the london opening.
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Looks like USDCAD is going long now. on the way to 1.23 at the very least, after the pin bar D1 H4. hopefully.
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Casey_Yeo PriceActionTrading
2 years ago
Are you in mate?
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PriceActionTrading Casey_Yeo
2 years ago
No. I got stopped out at that pin bar. Dont feel like getting back at the market or getting back in the market.
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IvanLabrie TOP PriceActionTrading
2 years ago
Spot on mate.
I published my setup. Break even stop now.
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PriceActionTrading IvanLabrie
2 years ago
Well done mate! Glad you are enjoying your pips.
I saw it coming but got stopped out. Unfortunate.
+1 Reply
IvanLabrie TOP PriceActionTrading
2 years ago
Looks like it might be a buy now again...what do you think?
I'd rather not sleep on it without monitoring (a fresh buy that is), but might be a good scale in spot.
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PriceActionTrading IvanLabrie
2 years ago
Its a good buy but i will only enter at 1.2040. So not that likely. I got my chances but it is wasted so i am looking for other opportunities.
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IvanLabrie TOP PriceActionTrading
2 years ago
I'm watching these:

usdcad reentry long, usdchf long entry before NFP, eurusd scale in on a retracement, eurgbp retracement sell, gbpnzd and gbpusd, trading post elections reaction, eurnzd (manage short, open at 1.51729), and cadjpy, potential great sell on a retracement.
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PriceActionTrading IvanLabrie
2 years ago
Yes all seems valid. I am watching a few of these too.
How are you intending to trade GBPUSD may i ask.
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IvanLabrie TOP PriceActionTrading
2 years ago
Depends, it's a bit confusing, I suppose it'll head down but would rather trade the reaction to the news, or just trade whatever is going on when I wake up tomorrow really...my screen time matches 2 hours before NY open, to NY close.
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moneymaking
2 years ago
Hey price action, I believe we have a double bottom formed and we could also get the 2618 trade setup. Nice opportunities to get long again with small risk :)
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PriceActionTrading moneymaking
2 years ago
Yes all the way to 1.23. Heavy resistance there do not get too greedy.
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CAD WEAKNESS SEEN ACROSS ALL CAD PAIRS.
H4 USDCAD BUY ON RETEST
snapshot
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moneymaking
2 years ago
Hey price action, now we are seeing a triple bottom, this could turn out to be a good opportunity. Let's wait and see :)
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PriceActionTrading moneymaking
2 years ago
Haha. It is if we could get in at great RR. right now trade is good but entry isnt.
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moneymaking PriceActionTrading
2 years ago
Ya, that's right :)
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If only i know a way to send notification to my followers informing them of trendlines broken, watch this or stuff. Instead of having to types comments or post an idea just for a comment. That would be great.
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IvanLabrie TOP PriceActionTrading
2 years ago
Trendline breach/touch can be auto notified by tradingview via email or sms.
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Casey_Yeo IvanLabrie
2 years ago
i think he is referring to notifying his own followers of those events.
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PriceActionTrading Casey_Yeo
2 years ago
Yes indeed. If only there was something i could learn / pick up. Quite tiring to post new comments which will be posted to the bottom of the page. Would be better if latest comments are on top rather than below im just saying.
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Casey_Yeo PriceActionTrading
2 years ago
does it work if you just edit your original post? do people get notified?
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