USDCAD [D] Technical Analysis & Top-Down [BUY]
Good Evening People...
I am FX_HOLE and this is my first published analysis - I have been trading for around 2 years now.
Today, I will be providing a brief Technical Analysis for the USDCAD
I will begin with a 'Top-Down' Analysis ...
As you can see from the Weekly Timeframe, I have identified a range that has been in place since mid 2015
Over this period of time, we can see that price has tested the resistance and support on a number of occasions
Most recently [July '21] - The support of the range has been tested and following this the market bounced and has been forming higher-highs/lows ever since
Bringing us to today and the section of the chart I will look at more closely on the daily timeframe
Moving on to the Daily Timeframe...
Using the idea from the Weekly Timeframe of the Higher Highs/Lows - It has been possible to identify an Ascending Wedge Pattern
Upon marking out the wedge pattern, we can see that price has approached the support of the wedge and rejected a further move below
Furthermore, there is additional horizontal support - This providing added confluence to any trade set-up [@1.2500]
Finally, upon todays market close, we can see that the Bullish Pin Bar has been formed - Again, providing further confluence to the trade set-up
So, personally I have set a Buy-Order @50% FIB retracement of the Pin Bar
Additionally, I have marked out initial Profit Targets which are a little adventurous
Although, I may be looking to scale in if we reach my initial target @1.260
NEWS/DATA - There are some orange USD Data Releases coming up tomorrow, but hopefully the order will be triggered throughout the Asian session and make a little progress.
This will be monitored...
Well that's all for today folks - Thanks for tuning in
Enjoy!
Trade active:
A quick update of the progress of the trade...
The Buy-Order was triggered @50% FIB of the Pin-Bar
Currently trading @1.260 zone - This being my initial target for a 2:1 profit.
This being marked out on the updated chart as a relatively new resistance level.
With a Daily close above this - I will be looking for a re=test as Support and to scale-in.
So, a shift of the stop to break-even and the addition of further risk to capitalise on the current profits.
Although, this is just an idea and something I always look for when possible.
It may not materialise - As we know how volatile these markets can be at times.
Also, I need to check this weeks News/Data releases.
Further updates to come...
Thanks for tuning in people and the likes are much appreciated.
The Buy-Order was triggered @50% FIB of the Pin-Bar
Currently trading @1.260 zone - This being my initial target for a 2:1 profit.
This being marked out on the updated chart as a relatively new resistance level.
With a Daily close above this - I will be looking for a re=test as Support and to scale-in.
So, a shift of the stop to break-even and the addition of further risk to capitalise on the current profits.
Although, this is just an idea and something I always look for when possible.
It may not materialise - As we know how volatile these markets can be at times.
Also, I need to check this weeks News/Data releases.
Further updates to come...
Thanks for tuning in people and the likes are much appreciated.
Trade active:
Almost forgot ...
The market closed on the Weekly Timeframe with a nice Bullish Pin -Bar last week.
A sign of things to come?
The market closed on the Weekly Timeframe with a nice Bullish Pin -Bar last week.
A sign of things to come?
Trade active:
Just another update...
After reaching the highs of the 1.27 Resistance - I think it is about time to move that stop up to a break-even.
Currently, price is sitting at a healthy 2:1 profit
Yes, over the days trading, price has become slightly bearish, but we have to stay positive on this one. From the Weekly TF, it does look like a correction for the long-term sellers - But, I am not one of those - Hence my Long Position
Looking at the updated Daily Chart - You can see the identification of various theories to support this Buy for a further upward progression.
Such as; Price has closed on the daily above the 1.262
Furthermore, yesterday closed as a test as new support
Also, and after extensive viewing of the Daily Chart - It has been found that there are a number of areas that provide evidence of a Chart Pattern - But, with a difference
On the Daily, I have found that over the last year Price has retraced to the 50% FIB on a number of occasions and always when the market is in a strong trend
Moving on to current Price Action and the Temporary S&R that I have marked out - We can see that the market is currently testing the 38 FIB
Personally, I am thinking the market will retract to the 1.258 zone and return to pushing north of the chart
In this case - Ill be looking for some Price Action in the form of a CS
Failing that, and a further bearish progression I will have to review the position and update the post.
...
After reaching the highs of the 1.27 Resistance - I think it is about time to move that stop up to a break-even.
Currently, price is sitting at a healthy 2:1 profit
Yes, over the days trading, price has become slightly bearish, but we have to stay positive on this one. From the Weekly TF, it does look like a correction for the long-term sellers - But, I am not one of those - Hence my Long Position
Looking at the updated Daily Chart - You can see the identification of various theories to support this Buy for a further upward progression.
Such as; Price has closed on the daily above the 1.262
Furthermore, yesterday closed as a test as new support
Also, and after extensive viewing of the Daily Chart - It has been found that there are a number of areas that provide evidence of a Chart Pattern - But, with a difference
On the Daily, I have found that over the last year Price has retraced to the 50% FIB on a number of occasions and always when the market is in a strong trend
Moving on to current Price Action and the Temporary S&R that I have marked out - We can see that the market is currently testing the 38 FIB
Personally, I am thinking the market will retract to the 1.258 zone and return to pushing north of the chart
In this case - Ill be looking for some Price Action in the form of a CS
Failing that, and a further bearish progression I will have to review the position and update the post.
...
Trade active:
Good evening people…
If you have been following my initial trade idea for the USDCAD on the Daily chart
Then you will be basking in the joys of the progression of this particular trade.
It’s been just over a week since the initial idea was posted and we are currently at a 4:1 profit
Backing up my reasons for keeping the Target Profit afar when the trade is placed
So, over the last couple days - I have began to manage the trade
With stop was moved in to a profit zone @1.255
Additionally, upon price closing above the 1.263 zone Price returned to this zone and formed a Pin-Bar - Although I did set a Buy-Order at the 50% FIB retracement of this Pin, It did not trigger.
Therefore, marginally missing out on further profits
Either way, I am very happy with the markets upward progression.
With this, we should be targeting the Resistance @1.276 before any decision would be made to close out or hold the position.
Reaching this Resistance would provide us with around a 5:1 return on this trade.
This being over a period of a week or so.
Once again - Much love for tuning in …
If you have been following my initial trade idea for the USDCAD on the Daily chart
Then you will be basking in the joys of the progression of this particular trade.
It’s been just over a week since the initial idea was posted and we are currently at a 4:1 profit
Backing up my reasons for keeping the Target Profit afar when the trade is placed
So, over the last couple days - I have began to manage the trade
With stop was moved in to a profit zone @1.255
Additionally, upon price closing above the 1.263 zone Price returned to this zone and formed a Pin-Bar - Although I did set a Buy-Order at the 50% FIB retracement of this Pin, It did not trigger.
Therefore, marginally missing out on further profits
Either way, I am very happy with the markets upward progression.
With this, we should be targeting the Resistance @1.276 before any decision would be made to close out or hold the position.
Reaching this Resistance would provide us with around a 5:1 return on this trade.
This being over a period of a week or so.
Once again - Much love for tuning in …
Trade closed manually:
Closed out this trade early this morning for a 1:5RRR
Price may be pulling back to a Horizontal Support zone and may continue to progress upwards
But, I was happy with a 1:5RRR for this trade
Thanks for following…
Price may be pulling back to a Horizontal Support zone and may continue to progress upwards
But, I was happy with a 1:5RRR for this trade
Thanks for following…