mortdiggiddy
Long

Knife Catch Long for 50 pips

FX:USDCAD   U.S. Dollar / Canadian Dollar
Pullback to the daily ATR-ADX stop, other instances of retest of this stop circled. $UWT $DWT $DXY
Comment: Looking to place stop buy limit on previous 1HR candle high to get in a trade, I see max downside the 50% pitchfork line.
Comment: Also very close to backtesting this cyan ascending line.
Comment: Managed to come down to that blue trendline. Still waiting on a high break of a previous 1 hour candle. RSI on 4HR is oversold now (bottom indicator).
Comment: In my opinion this will be a larger long eventually as gauged by the attached post in the Related Ideas section. It's a big weekly level trade.
Comment: Here are CAD futures continuous, possible scenario I see. There is daily decay in currency futures (and all futures) compared to the spot price but same idea.
Comment: Zoomed in a little for clarity.
Trade active: Broke high of a previous 1HR candle @ 1.3150. In long.
Comment: CAM weekly (camarilla) S4 also helped here. Notice that the range this week for USDCAD is perfectly CAM Weekly R4 to S4.
Comment: Target @ 1.3200 still in play, moved stop to break even. Half way there.
Comment: Moved stop to 1.3170. 20 pips profit no matter what at this point.
Comment: 2 pips to target... and a back off. Moved stop to 1.3175.
Comment: Stop updated to 1.3185.
Trade closed: target reached
Comment: 1.32000, out.
Comment: I will be flipping back short again in about 2 minutes. Stay tuned.
Comment: Went short at Weekly CAM R3 and Day CAM R4. See this post:

Comments

Good luck mate
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NICE WORK!!
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