Fxprotrader
Long

USDCAD Short Term Buy Setup About To Complete

FX:USDCAD   U.S. Dollar / Canadian Dollar
248 3 10
USDCAD             moved as expected from the sell zone we described in my previous post (link below) giving us more than 200 pips, It's now looks like is consolidating with price having formed a double bottom and we have a nice short term setup we could get involved with. If price breaks above this consolidation we may buy USDCAD             and aim till the sell zone i have drawn in the chart. No matter the result of this setup, it has great value as our stoploss should be placed below the double bottom swing points (about 2.8:1). MACD divergence shows that this drop is about to end and a correction is about to begin.
Crude rally not done it seems.
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Fxprotrader IvanLabrie
Yes most likely. But i didn't get involved as price didn't consolidate after that breakout. Thanks for your comment mate..!
Reply
IvanLabrie Fxprotrader
Yeah, I just took a random 3 atr stop entry cause I don't wanna miss the move.
Low risk, makes some bucks.
Cheers.
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