USDCAD LONG SETUP, BREAKOUT FROM WEDGE Long

U.S. DOLLAR / CANADIAN DOLLARICE

Description

⋅ Jul 24, 2017 5:21 PM

Hi everyone:

Nice potential pullback can be happening here on USDCAD. We can see on the 4 hr chart the price action is over extended and in need of a pullback. The price action is currently forming a falling wedge, a reversal potential to the upside.

Potential target at 1.2800, 38.20% retracement on the daily chart.

Thank you for your support and feedback.

JoJo

Comment

⋅ Jul 25, 2017 1:33 AM

Comments

PavelKarakay

⋅ Jul 25, 2017 3:04 AM

4h chart has a nice setup, pinbar rejection with inside bar next candle. if price breaks up to 1.25278, we could have a nice ride up

jojofang0901

⋅ Jul 25, 2017 3:54 AM

@PavelKarakay, Yup looking for strong bullish momentum coming in before enter.

NarcoTrader

⋅ Jul 24, 2017 9:30 PM

nice one! i have a similar one too and since its sitting on daily support, i think its a good trade to look out for a long on :) direction will unfold by tomorrow morning i guess

jojofang0901

⋅ Jul 25, 2017 1:09 AM

@ravidesai, sounds good :)

phoe68

⋅ Jul 25, 2017 1:57 AM

@jojofang0901, still looks weak.....will it really go up

jojofang0901

⋅ Jul 25, 2017 3:54 AM

@phoe68, I wont enter unless I see strong bullish momentum forming. Otherwise I wont enter the trade. :)

chimpsky

⋅ Jul 24, 2017 5:23 PM

looks nice.

jojofang0901

⋅ Jul 24, 2017 9:14 PM

@chimpsky, thank you :) lets see if theres enough momentum to breakout to the upside.