USDCAD long set up very good potential RRR

FX:USDCAD   U.S. Dollar/Canadian Dollar
53 0 1
a year ago
Missed my planned entry @ 88.6 of recent move but I’m still happy to enter long at current price with stops at 1.2970 – so just bit below of recent low 1.29719
Targeting 3:1 - 4:1 RRR             (1.618 fib extension and possibly above), however there are few ways this trade can be played:
1) When price reaches 1:1 RRR             take off 50% of position leaving STOP as it is – gives us risk free trade, and move STOP to ENTRY level once price reaches 2:1 RRR             level; keep moving STOP as price gets to new RRR             levels 3:1, 4:1 etc.…. letting trade run and locking profit on a way.
2) Wait for price to reach 2:1 RRR             , move STOP to break even and taking 50% off the table – booking profits and at same time keeping risk free trade, moving stop as trade progresses locking more profits
3) Targeting recent resistance area @ 1.3074 (1,5:1 RRR             ) – take off whole position

Personally I feel very comfortable to let trade run to almost 3:1 RRR             area.

Reasons for entry:
- Recent buy signal – 07/10 – 15:00 hrs
- RSI was in oversold area shortly before buy signal
- Double bottom formed
- Price didn’t breach recent low
- Hammer / pin bar candle

Good luck and good trading!
Arek JP            
a year ago
Trade closed: stop reached: STOP hit over night for me – move on looking for new set up.
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