Technician
Long

(J) Trade 22 : Trend-following the Loonie #forex

FX:USDCAD   U.S. Dollar/Canadian Dollar
4498 14 91
Trade 22: Long USDCAD             @1.2915
Trade Status: Pending
S.L 1.2815
T1: 1.3055
T2: 1.3300

Balance= $28 000 Position size = 0.65 lot ~ 2.5% risk of capital

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Reasoning
  • Breakout above previous major swing high within the context of a long term trend
  • Retracement towards the broken resistance and price formed a hammer candle and holding support

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Wish me luck and best of luck for everyone.

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My best regards
Technician
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Hi Technician, SL should be 1.2815 instead of 1.02815. Thanks for sharing!
Reply
Technician TOP JorgeEllena
Thanks for the correction.
Reply
Pip-thief JorgeEllena
I think we all knew what he meant !
Reply
Thx for the setup.
Reply
Technician TOP sudersanrao
Thanks for you consistent support
Reply
Nice idea! Hope it trigger the entry this time! ;)

Good luck!
Reply
Nice one, I had a long yesterday that got stopped out and when I cam back after the NY close I was like "oh man that's nice looking hold on that daily bar!" Before pushing it wait for me to find another opportunity to get long hahaha. Good luck in your trading today Technican!
Reply
Technician TOP Akil_Stokes
Yep mate, it looks good, however you know nothings gauaranteed. Wish you the best as well Akil.
+1 Reply
Hi! What about ShootingStar at 24/07/15 ? Will there be enough power to make a correction more deeper?
Reply
I think we already had the effect with the latest correction. The odds are usually with the main trend.
Reply
Hi Techinician! best of lucks on your trade. I've looked at the weekly chart and there was a beautiful cup and a handle chart pattern
snapshot
so there's even more chances that the price will go up. Thank you for sharing!
Reply
All the Best :)
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Looks like a winner. Would you care to share your exit strategy? I see to targets do you go 50-50 with a sl move?
Reply
Hey Technician, your red area near the start of your fib extension, in a bullish trend as we are, wouldn't you consider that a buy zone as it nears structure support as evidenced by previous resistance on 30th January and 18th March ?
Reply
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