I will be looking to go long the USDCAD on Monday. My entries and exits for this trade are based on fibonnaci and price action. At market close the market was at a level I would like to get in at but I am prepared for more downside. My perfect entry for this trade would be at 1.30891.
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My actual levels.
I consider this to be a risky trade because in order to hit my tp the market will have to break out of a triangle.
Lots of consolidation.
Trade closed: target reached:
Target 1 hit for 87 pips. Second position still open. I moved stops to break even but I will move it up if market passes first 1.
Trade closed manually:
I closed the other half of the position in order to avoid spikes during the upcoming news.
Thanks for sharing that with me. I didn't notice that it was in a triangle, good catch. If it goes lower than 1.30547 I will no longer look to go long on it. I am interested to see where we are when market opens. Thanks again for sharing. Share any updates you have on this as well please.