Technician
Long

USDCAD: Bullish Swing Trade

FX:USDCAD   U.S. Dollar/Canadian Dollar
2613 19 36
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.
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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 https://twitter.com/thefxchannel
Also at my Facebook             page http://www.thefxchannel.com
My best regards,
Technician

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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 ;
My trading ideas channel https://telegram.me/technician_forex_trades

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Skype: Technician - The forex channel
Good trade idea. Every time it gets below the 1.0850 mark, it gets sucked right back up. 3 consecutive days. Hope it works out for you! Happy trading!
Reply
The correction we had last couple of weeks is an amazing opportunity to enter this rally
+1 Reply
thanks Hope you are fine
Reply
Technician TOP manijeh.kazemi.33
I am , thank you
Reply
This trade is active now
+1 Reply
Another opportunity to enter long was today
Reply
Look at that long wick.
Reply
Technician TOP TradersClassroom
Yep sir, I love it. Hope it will be sustained
Reply
I'm in this trade as well. Great analysis and very educational!
Reply
Technician TOP TradersClassroom
Thanks mate, then good luck to both of us
Reply
I am in as well...TP is same 1.0980 ?
Reply
for me yes
Reply
Cfsqbwn. Technician
ok.. thanks...
Reply
Update: first target hit, moved stop loss to breakeven.
+1 Reply
Profit(pips)= +120 for first half, second half still running.
Reply
Update: 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
+1 Reply
Technician TOP Technician
snapshot
Reply
Great trade mate. Respect :-)
Reply
Technician TOP Barabaszek
Yep, had some good luck on this one :) . Thanks
Reply
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