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So what I can see on the 1H timeframe of the USDCAD is a very nice downtrend as seen from the downward trend line . If price respects this downward momentum, we can either see a retracement to the downward trendline or a straight down movement onto the next support level.
Optimum entry levels would be from 1.41046 - 1.40369. Stop losses will be at least 10 pips below the previous pullback at around 1.41639 level. Nearest take profit levels would be at 1.36889. For higher risk to rewards ratio, you can choose to trail your stop losses as soon as price passes the 1.39204 level.
Current Risk to Rewards Ratio is 1:6.92 which is very optimal, however, do take note that not all trades will be winning trades. Remember to always only risk a maximum of 2% of your account if you want to stay in the game for long.
If you have success with this analysis, please do leave a comment to let me know.
Have a great week trading.
This is not financial advice nor am I asking you to do what I say. This is merely my ideas and technical analysis that I would be following per my strategy. If you want to find out more, do drop a comment. Cheers.
So what I can see on the 1H timeframe of the USDCAD is a very nice downtrend as seen from the downward trend line . If price respects this downward momentum, we can either see a retracement to the downward trendline or a straight down movement onto the next support level.
Optimum entry levels would be from 1.41046 - 1.40369. Stop losses will be at least 10 pips below the previous pullback at around 1.41639 level. Nearest take profit levels would be at 1.36889. For higher risk to rewards ratio, you can choose to trail your stop losses as soon as price passes the 1.39204 level.
Current Risk to Rewards Ratio is 1:6.92 which is very optimal, however, do take note that not all trades will be winning trades. Remember to always only risk a maximum of 2% of your account if you want to stay in the game for long.
If you have success with this analysis, please do leave a comment to let me know.
Have a great week trading.
This is not financial advice nor am I asking you to do what I say. This is merely my ideas and technical analysis that I would be following per my strategy. If you want to find out more, do drop a comment. Cheers.
Trade closed: stop reached