USDCAD POTENTIAL LONG
1D Chart:
*Daily timeframe chart is in a strong uptrend, if you look left to price 1.29600 you can see the interest and strength of the buyer that caused the market to rise 400 standard pips (heavy volume move)
*1D candle is going to be a higher high higher close (bullish engulfing) above previous day candle
4H Chart:
*4 hour chart is showing that the buyer is still interested due to the fact they spiked the market causing a 100%+ rest from the previous sellers move(s)
*Momentum is way stronger on the buyer side, the buyers are displaying that they're still interested in buying this currency
*100%+ rest = Aggresive V-formation
1H Chart:
*1H chart is displaying the same momentum and a staggering strength on the buyer side taking out all sellers from the past couple days of seller price action
*Past week of seller action taken out by few hours of buyer strength
Entry: Look to enter around structure at 1.30300 handle. This is a recent level of significant structure
Stop Loss: Look to keep stop loss below the strong buyer at 1.29600. If it were to break this level we wouldn't want to be looking to buy
Target 1: 1.31200
Target 2: 1.31900
Target 3: 1.32800
Make sure to never risk more than 2% of account value as well as keeping a good risk/reward with all trades.
Cheers!
1D Chart:
*Daily timeframe chart is in a strong uptrend, if you look left to price 1.29600 you can see the interest and strength of the buyer that caused the market to rise 400 standard pips (heavy volume move)
*1D candle is going to be a higher high higher close (bullish engulfing) above previous day candle
4H Chart:
*4 hour chart is showing that the buyer is still interested due to the fact they spiked the market causing a 100%+ rest from the previous sellers move(s)
*Momentum is way stronger on the buyer side, the buyers are displaying that they're still interested in buying this currency
*100%+ rest = Aggresive V-formation
1H Chart:
*1H chart is displaying the same momentum and a staggering strength on the buyer side taking out all sellers from the past couple days of seller price action
*Past week of seller action taken out by few hours of buyer strength
Entry: Look to enter around structure at 1.30300 handle. This is a recent level of significant structure
Stop Loss: Look to keep stop loss below the strong buyer at 1.29600. If it were to break this level we wouldn't want to be looking to buy
Target 1: 1.31200
Target 2: 1.31900
Target 3: 1.32800
Make sure to never risk more than 2% of account value as well as keeping a good risk/reward with all trades.
Cheers!