FX:USDCAD   U.S. Dollar/Canadian Dollar
USD/CAD             is an uptrend producing basic price action cyclicity and offering trend continuation entries at the end of consistent pullbacks. Today's bullish reversal bar, though appearing to be a high test close, suggests the resumption of bullish activity back in phase with the overall trend. I'm looking at the following to take a position north:

- low test close of 15th August 2014 rejecting:
- horizontal support (~1.0886)
- 0.382 (38.2%) Fibonacci level from previous swing low, also coinciding with the above mentioned support level at
~1.0886
- 20 ema
- trendline support
- current daily bullish inside bar being an omen of the impulsive wave of the trading cycle (after close above
horizontal support, trendline support, 0.382 Fibonacci level, and 20 ema )
- price action within bullish trendline

How to enter the set up:

- Entry 5 pips above high of today's inside bar (1.0903)
- Set stop loss below mother bar (Friday 15th August close)
- Target areas at previous swing high and above (possibly up to the 1.272 or 1.618 Fibonacci extension level)
(Reward:Risk > 2:1)

careful as your RSI is giving lower high and Chart gave higher high, it could have a big drop before going higher.

good luck
Reply
Yes Pritz, that's an absolute caveat to this trade. Thanks for adding it to the comments.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out