forextrader249
Long

USDCAD, im thinking LONG

FX:USDCAD   U.S. Dollar/Canadian Dollar
154 2 2
Overall this is a STRONG up trend. Since February the markets been bouncing between 1.24298 & 1.27856.

Where market is now and it being an up trend, i'm looking for the green light ( bullish engulfing candle) to enter.

I've highlighted in yellow ( 1.25276 ) because when I went down to the 4 hour. I found that this was a little resistance area. I'm going to have this as my zone to be cautious of for that reason.

The purple dotted line. I have added that there because this is another area to be cautious of on the DAILY time frame. this could be your first target (1.26738)

The way i'm going to go about THIS trade. My first hazard area is pretty close to where im looking for bullish evidence. So i'm going to go down to the 4 hour time frame to look for a BULLISH entry around 1.24298 area. This will and could play in my favor if breaks through 1.25276. * Giving me that early start

Another way to do this is, like normal, look for a bullish engulfing candle on the daily time frame or wait till a bullish candle closes above. 1.25276. Any candle apart from a DOJI

My first target would be 1.27856 ( the top of the range)
2nd target would be 1.31408. I got this but measuring the height of current range, cloning the size to get a potential new TOP range. *MEASURING ZONES*

Gzzman88
2 years ago
tqvm
Reply
forextrader249 Gzzman88
2 years ago
No worries. Hope it helps you out.
Reply
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