USD/CAD - TRADING THE CORRECTION
The pair is still correcting from the most recent impulse down. As of now it has completed legs A, B of what I believe to be a Zig-Zag correction. Should it break the trendline then we start looking at a possible Flat or Exp. Flat correction but the pair is showing signs that it could be going up for the time being.
1) Weekly Shooting star at a confluence with the trendline and a strong resistance level.
2) 4H RSI oversold
My personal details:
Long @ Entry: 1.2420, SL: 1.2390, TP: 1.2570, RR: 5
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
1) Weekly Shooting star at a confluence with the trendline and a strong resistance level.
2) 4H RSI oversold
My personal details:
Long @ Entry: 1.2420, SL: 1.2390, TP: 1.2570, RR: 5
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Comment:
upside confirmation. Will be waiting for a 1H pullback.
Comment:
the pair broke through the trendline, but there's still one Fibo level to go through and we are already encountering bullish divergence so we could be seeing a reversal..?