RedHotCandlestick
Long

USD/CAD - Hell For Leather Through The Resistance

FX:USDCAD   U.S. Dollar/Canadian Dollar
4 months ago
Dear Community,

today a hot candidate who was on our list for a long time; USD/CAD             . It looks like the resistance has been broken - eventually and we are (hopefully) going hell for leather direction our fist intermediate target at 1.3576. Here it will be decided if the run continues towards intermediate target #2 (1.3833) and finally the ultimate target at 1.4691.

Given the current circumstances ...
It would be considered to be a highly speculative long entry, given the fact that the resistance didn't give in for quite some time. A possible scenario could be that traders, who are looking on the long side of things, get fooled into the market by jumping in too early.

Two ways of getting the job done
Option number one is to take the risk and hope for the best. If the pair reaches the ultimate target one would definitely walk away with some nice profit.

Option number two would be to wait and see. Best scenario would be that the price comes back, confirms the former resistance as a support and continues the climb towards the first intermediate target. And this is exactly what we are going to do; no need to take any unnecessary risk, given the fact that we already jumped the gun on our silver             trade.

Therefore, we are holding back for now. Trader who'd like to give it punt can use our analysis as a start and build on it. We will pick this idea up, once we think it will fit in our portfolio.
4 months ago
Trade active: We have opened a long position, following an aggressive approach (aggressive SL).
4 months ago
Comment: Mind! A close BELOW the resistance level will be negative in our opinion and interpreted as a fasle breakout. We will therefore close the position early, before reaching the SL and reduce the damage.
4 months ago
Trade closed manually: We have closed this trade just before market closing as the price couldn't establish above the breakout level. We cut the risk and keep the damage as low as possible and decided to close the trade before it could reach its stop loss.
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