Here is a possible quick setup for you guys!
USDCAD
Overall trend on larger timeframes is showing prices headed downwards to possibly create an inverse head & shoulder signifying a possible reversal to the upside if price finds strong enough USD support to break the neckline. I applied our Fibonacci Retracement tool on the following levels, from the HIGH of Mar 30th @1.2647 to the LOW of March 31st @1.2365.
(If you didn't know Fibonacci Retracement tool is used to find and visualize better entry and exit points in a trending market wave.)
Here is my suggestion,
Low risk Swing/Intraday Setups with possibility of massive gains if USD strength can continue to the upside. I will be monitoring DXY(DOLLAR INDEX) closely. As of right now the DOLLAR has been falling for 2 days but I expect it to find some solid support soon. This explains this pull back DOWN we are seeing on USD/CAD. Tomorrow's FOMC MEETING MINUTES (NEWS) & oil reports may cause some havoc for this pair since Canada also has a direct correlation to OIL. Make sure to trade with CAUTION. WE DO NOT chase the markets. Try your best to patiently allow the market to come to our entries. If our entries are not triggered that is OK, I will update analysis & give new entries. I REPEAT WE ARE WAITING FOR ENTRIES TO TRIGGER , WE ARE NOT YET IN A TRADE. We want the lowest RISK set up possible with the possibility of a high reward.
Risk anywhere from 1-3% ONLY of your total capital by placing small LONG orders on each of these below retracement levels:
23.6% = 1.2580 (LONG) 0.10% Risk
38.2% = 1.2539 (LONG) 0.15% Risk
50.0% = 1.2506 (LONG) 0.20% Risk
61.8% = 1.2472 (The Ideal trade) (LONG) 0.25% Risk (MY ENTRY #1)
78.6% = 1.2425 (PERFECT Sniper entry) (LONG) 0.30% RISK (MY ENTRY # 2)
Stop Loss: @ 1.2364 (1:3)(TP 3) Risk to Reward
(1:2)(TP 2) Risk to Reward
Take Profit #1 @ 1.2594 (Close 50-75% of total trade positions and allow the rest to run risk FREE)
Take Profit #2 @ 1.2683
Take Profit #3 @ 1.2785
Keep your TOTAL risk at a minimum of 1-3% per trade.
If these trades are triggered, I will be updating the analysis via comments so be on the look out. :)
If you like these quick informative post/tips please drop a LIKE & make sure to FOLLOW ME!!
USDCAD
Overall trend on larger timeframes is showing prices headed downwards to possibly create an inverse head & shoulder signifying a possible reversal to the upside if price finds strong enough USD support to break the neckline. I applied our Fibonacci Retracement tool on the following levels, from the HIGH of Mar 30th @1.2647 to the LOW of March 31st @1.2365.
(If you didn't know Fibonacci Retracement tool is used to find and visualize better entry and exit points in a trending market wave.)
Here is my suggestion,
Low risk Swing/Intraday Setups with possibility of massive gains if USD strength can continue to the upside. I will be monitoring DXY(DOLLAR INDEX) closely. As of right now the DOLLAR has been falling for 2 days but I expect it to find some solid support soon. This explains this pull back DOWN we are seeing on USD/CAD. Tomorrow's FOMC MEETING MINUTES (NEWS) & oil reports may cause some havoc for this pair since Canada also has a direct correlation to OIL. Make sure to trade with CAUTION. WE DO NOT chase the markets. Try your best to patiently allow the market to come to our entries. If our entries are not triggered that is OK, I will update analysis & give new entries. I REPEAT WE ARE WAITING FOR ENTRIES TO TRIGGER , WE ARE NOT YET IN A TRADE. We want the lowest RISK set up possible with the possibility of a high reward.
Risk anywhere from 1-3% ONLY of your total capital by placing small LONG orders on each of these below retracement levels:
23.6% = 1.2580 (LONG) 0.10% Risk
38.2% = 1.2539 (LONG) 0.15% Risk
50.0% = 1.2506 (LONG) 0.20% Risk
61.8% = 1.2472 (The Ideal trade) (LONG) 0.25% Risk (MY ENTRY #1)
78.6% = 1.2425 (PERFECT Sniper entry) (LONG) 0.30% RISK (MY ENTRY # 2)
Stop Loss: @ 1.2364 (1:3)(TP 3) Risk to Reward
(1:2)(TP 2) Risk to Reward
Take Profit #1 @ 1.2594 (Close 50-75% of total trade positions and allow the rest to run risk FREE)
Take Profit #2 @ 1.2683
Take Profit #3 @ 1.2785
Keep your TOTAL risk at a minimum of 1-3% per trade.
If these trades are triggered, I will be updating the analysis via comments so be on the look out. :)
If you like these quick informative post/tips please drop a LIKE & make sure to FOLLOW ME!!