On the 4 HR chart the 10 ema crossed below the 20 ema
After i mark what time the ema's crossed i drop down to 1 HR chart ( they crossed at 4am)
On the 1 HR chart i drew a Fib from recent high to recent low and pulled up the 38.2 retracement
My entry will be 2 pips away from the 38.2 Fib
After holding my USD/CAD short over the weekend i got filled for a nice little profit while i was sleeping.
That is the beauty of trading once you have your emotions in check all you have to do is wait for your setup and then set your stop and take profit target and forget about it.
USD/CAD had a push lower after the FOMC meeting today and the 10 ema crossed below the 20 ema on the 4 HR chart so that mean its time to look for a short position
i am waiting for a retracement back up to the 50 EMA on the 1 HR chart
On the 4HR chart the 10 ema crossed the 20 ema
Then on the 1HR I drew a Fib from swing high to swing low
My short entry will be on the 38.2 retracement
i will target 40 pips ans my stop will be 20 pips above entry