Daniel.B
Long

Long till the trend is no more also...

FX:USDCAD   U.S. Dollar/Canadian Dollar
414 2 14
Well traders we have another classic previous resistance turned support on our hands. The weekly doji shows indecision, buyers entering the market, short sellers taking their profits, and of course late to the party short sellers selling the bottom (potentially, I can always be wrong). Also we have the ascending trend-line which has also held as support and price again has neared that area of confluence.

Plan of action is to enter an aggressive long now, and just let it ride or die. Stop placement is outlined by the red line, and long entry targets are outlined by the green lines for a total of 3 trade targets. Stop-loss will be moved to break even once price reaches the second target at 1.3400.

Cheers and GL =)
Trade closed: target reached: 1st Target Hit ; 50% of the trade is taken off the table and booked. The next two targets are both divided by 25% each (Of the portion still active)
Trade active:
snapshot
Stop loss order trailed up to break even point.
Trade active:
snapshot


Stop order trailed up once again. Note the Moving Average bullish crossover confirming the trade.

- 20 MA cross above the 50 & 100 Moving Averages
- 50 MA beginning a crossover above the 100 MA
Well done
+1 Reply
Daniel.B Yahia.Awes
Thank Yahia, much appreciated! =)
Reply
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