Technician
Long

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

FX:USDCAD   U.S. Dollar/Canadian Dollar
4518 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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Technician
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Skype: Technician - The forex channel
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
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?
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All the Best :)
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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!
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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
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
Nice idea! Hope it trigger the entry this time! ;)

Good luck!
Reply
Thx for the setup.
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