JLJ002500

USDCAD - Potential long set up (Going against the crowd)

FX:USDCAD   U.S. Dollar / Canadian Dollar
40 1 3
The crowd currently is on the USDCAD             short bandwagon. I see a potential for a contrarian trade set up. I missed my last long entry with a limited buy order too low and never executed on 7/20. I am now watching for another opportunity to go long. Assuming reversal candle(s) on 1D or 4H chart, I'm looking to enter long, going against the crowd with TP above 1.320 (expect TP1 ~1.3228). Trade set up invalid with close below 1.2928 on 4H. Also, trade needs to develop before the end of the week.

4H
snapshot
Look for reversal candle(s) in PRZ.

LT Snapshots:
1M
snapshot
Key levels and Fib Ret. Is retracement completed and now continuation or will there be further retracement?

1W:
snapshot
Consolidation pattern. Potential to break either to up or down side. Long-term trend up.
snapshot


Have a limited buy order at 1.298. I want the flexibility to scale in to a full position as the price action develops. I may open a small position around current levels (~1.300).
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