williamdiotto
Long

USDCAD Bullish Advanced Cypher Pattern

FX:USDCAD   U.S. Dollar/Canadian Dollar
Bullish Cypher Pattern
Low RSI
Stuck in a channel

High reward/risk ratio.

Buy at .886 FIBO@ 1.33963
Comment: A candle has to close on 1.33963 before the pattern is relevant.
Trade active: Entered at 1.34076
Trade closed manually: Closed trade 1.34195
Reason 1 : It could be a double bottom. If it is, I'll apply the 2618 strategy.
Reason 2 : Pair has been ranging a little bit. I didn't have a higher-high higher-close candle, which I would've liked for confirmation of previous resistance (1.3422 shows a small bit of resistance).

I'll probably re-enter the trade tomorrow.
Comment: Just want to clarify : Reason 1 is not really a valid reason to close a trade. But because of the small ranging of the pair, I exited it for the night. I don't personally like to hold on overnight position as well.
Trade closed: target reached: Target of 0.382 FIBO is reached. Pattern did its job.
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