thienpc
Short

USDCAD Slowly to top, SELL PENDING

FX:USDCAD   U.S. Dollar / Canadian Dollar
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3
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Hi there, ThienPC again.
My plan for this week is focus on USDCAD , in my opinion i will risk 3% for this setup, how about you?
Nice idea on USDCAD and there may be bearish bias as you have you have identified. For our set up, we have identified the key resistance and support levels for the short term. The first resistance that we have identified is at 1.3384 (100% Fibonacci extension , 76.4% & 50% Fibonacci retracement , horizontal swing high resistance, ascending channel resistance), which is just above your Sell 1 zone. Stochastic is approaching its resistance at 95% where a corresponding reversal could occur. If a reversal does occur, we may look at the 1.3263 support level (100% Fibonacci extension , 50% Fibonacci retracement , horizontal pullback support), just above the lower limit of your Sell 1 zone.

Please have a look at our idea and share with us what you think.


Reply
thienpc ICmarkets
@ICmarkets, thanks for your detail explanation.
After a technical analysis, I often wondered if the current price, the probability of going to the forecast is how much? From there I determined the risk of capital that I could accept, and how much would I get if I went right.
Then I set up my orders system.
Accomplished
+1 Reply
@thienpc, how do you figure the probability of prices going as forecasted? :)
Reply
thienpc ICmarkets
@ICmarkets,
I often do not analyze long term in forex, I will take profit part by part, and continue every day to find suitable opportunities.
1. Based on my needs that day. If profit is sufficiently demanded in progress, I will close the order. Here every day my goal is 1% on total account.
2. Based on the TP I have set up. If there is a profit, I will simply set the SL equal to the price entered, the remaining I will let TP work it. But initially if i had set RR 1:2 for example, if the price goes 1: 1, eg 1% or 2%, I will lock early.
Conclusion: I take profits according to my demand, enough progress every day.
Share: My monthly goal averages 10-15% of my total account.
Reply
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