Akil_Stokes
Long

USDCAD: It's Not Greedy, It's Just Another Good Opportunity

FX:USDCAD   U.S. Dollar/Canadian Dollar
A few weeks ago I made a very controversial call on the USDCAD             looking to go long despite a major level of resistance and an advance pattern on the higher timeframe. (You can see the video explanation of that trade here https://www.youtube.com/watch?v=noqQm-zSCP8) Well after finally being taken out for the remaining part of my position Canada has come back to a level that looks prime for another buying opportunity and more importantly, just like last time, I don’t have to have that much at risk in order to get involved.

This is a simple structure based trade. Price action has come back down to test previous structure support , and IF this trend is going to remain intact, THEN that level should hold. (See how I snuck that IF/THEN thought process in there). If it doesn’t then I’ll be wrong and taken out of the trade.

With stops below the 1.2900 even handle number I only have about 35pips at risk, with a potential reward of around 100pips of reward if we move back across to the right shoulder. With that being said it may not be an easy ride, as I’ve marked off a few key levels of interest that I’ll need to pay attention to. This is certainly one of those trades that I will need to actively manage, especially with the FOMC statement on the horizon.

Good luck today traders and PLEASE continue to hit that LIKE button if you’re enjoying my posts here. Also check out my blog over at http://www.tradeempowered.com Yesterday I wrote one talking about my trading day and how being over prepared to trade is a good thing.

http://tradeempowered.com/the-trading-no-hitter/

Akil Stokes
Chief Currency Analyst
http://www.TradeEmpowered.com
Akil@Tradeempowered.com /@AkilStokesRTM /
Forex Weekend Review Videos:
https://www.youtube.com/playlist?list=PL3pkGkL2zWpHt7X4ZeT0w0n6hk0C8Lwx1

Related Ideas

moneymaking
2 years ago
Hey Akil, I'm on the same page as you are. We also have a potential bullish butterfly pattern (according to my rules) to give us the long opportunity that we are looking for. All the BEST mate :)

Here's the pattern:
USDCAD: BUTTERFLY PATTERN (60 MIN) !!
+1 Reply
moneymaking
2 years ago
I'm likely to stay out of this trade until we are done with FOMC statement. Don't like taking unnecessary risk :)
+2 Reply
Akil_Stokes PRO moneymaking
2 years ago
wise plan
+1 Reply
moneymaking
2 years ago
Break and close below that support zone has now changed my view to SELLING this pair.
Reply
Xaff
2 years ago
What a pity, you've been stopped out and then the price went to your favour. Similar happened to my on this trade.

GBPNZD. Interesting Double Bottom


That's the market, these things happen!

Regards!
+1 Reply
Akil_Stokes PRO Xaff
2 years ago
Yeah, it stinks when it happens, but like you said, the market does these things. All I can do is re-evaluate and look for the next good trade
+1 Reply
reteid2222
2 years ago
Missed and tried the trade 2day....thanx 4 the setup and thumbs up!
+1 Reply
Akil_Stokes PRO reteid2222
2 years ago
No problem
Reply
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