ab=cd complete. ucad is forming a big ending diagonal which we can expect to reach at least the last high on our next bullish impulse and since we have not reached daily chart 38.2 retracement, we can expect to reach it as well. if price reaches 1.28610, my idea will be invalid. red line is invalidation point for my idea, not my sl as i will only enter the trade once i see markets are reacting how i want them too. if i see structure break bullish i will buy, sl at or below the low depending on how structure breaks.
TRADE PLAN
usdcad buy at breakout. - ab=cd - RSI divergence - trendline support
entry: price breakout sl: to be determined tp1: 1.32541 tp2: 1.33115
risk: to be determined potencial gain:250- 350+ pips depending on entry
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break or bounce?
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either breaks today or dies
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buy stop placed for the breakout. i want to see market impulse so this breakout is not yet valid for me until it reaches at least my entry zone.