Update 2 : I just closed my second unit at 1.1065. As i see strong bearish signs, a bearish shooting star candle at latest resistance, and a bearish divergence on RSI. I will look for short signals now.
Profit(pips): +120 on first half + 205 on second half = +325
Update: first target hit, moved stop loss to break-even.
Profit(pips)= +120 for first half, second half still running.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Hello friends, after a long vacation, i am happy to be back with a trade that I placed today, Lets see whats going on with the USDCAD:
-The price has broken-out of the falling wedge pattern
-The price has broken above the 50-days SMA
-The price had formed a double top pattern, but failed to confirm the breakout below the neckline of the pattern
-A retest of the 50-days SMA and 1.0810 has completed recently
-The price formed a bullish hammer candle at this support
-The overall long term trend remains positive.
I put a buy limit order at 1.0860, targeting first 1.0980 then 1.1180 as an aggressive target. My stop is placed at 1.0790.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
==================================================================
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game ;
Profit(pips): +120 on first half + 205 on second half = +325
Update: first target hit, moved stop loss to break-even.
Profit(pips)= +120 for first half, second half still running.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Hello friends, after a long vacation, i am happy to be back with a trade that I placed today, Lets see whats going on with the USDCAD:
-The price has broken-out of the falling wedge pattern
-The price has broken above the 50-days SMA
-The price had formed a double top pattern, but failed to confirm the breakout below the neckline of the pattern
-A retest of the 50-days SMA and 1.0810 has completed recently
-The price formed a bullish hammer candle at this support
-The overall long term trend remains positive.
I put a buy limit order at 1.0860, targeting first 1.0980 then 1.1180 as an aggressive target. My stop is placed at 1.0790.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
==================================================================
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game ;
