USD/CAD is back at the trendline that defines it's current overall uptrend on the 4 hour chart.
It has also close just above a major resistance area/zone.
I will be looking to enter a long when the market opens this week.
PLEASE NOTE: I don't usually use a stop loss except to lock in profits so make sure to choose your own stop loss. I typically wait for a 4-hour candle to close beyond my stop loss before I exit. This way I don't have to worry about wicks/being faked out. This time I will be watching for a 4-hour candle to close below the trendline to define my exit point. I also typically lock in profits once I'm up 30-50 pips so limit my losses.
LET ME KNOW WHAT YOU GUYS THINK ABOUT USD/CAD IN THE COMMENTS SECTION BELOW!
It has also close just above a major resistance area/zone.
I will be looking to enter a long when the market opens this week.
PLEASE NOTE: I don't usually use a stop loss except to lock in profits so make sure to choose your own stop loss. I typically wait for a 4-hour candle to close beyond my stop loss before I exit. This way I don't have to worry about wicks/being faked out. This time I will be watching for a 4-hour candle to close below the trendline to define my exit point. I also typically lock in profits once I'm up 30-50 pips so limit my losses.
LET ME KNOW WHAT YOU GUYS THINK ABOUT USD/CAD IN THE COMMENTS SECTION BELOW!
Komen:
I will now be looking for a short opportunity since the trendline has broken.
Komen:
Addition to previous comment: Since it's still in a big zone of support for USD/CAD, be sure to wait until you get a reversal signal for entry after the re-test of the trendline. For best results wait for a close below the zone.
There is a long downward trendline on the daily which should now define the overall downtrend if price breaks below the zone.
There is a long downward trendline on the daily which should now define the overall downtrend if price breaks below the zone.
Komen:
If you didn't close your longs, set to break even or in profit.
Dagangan ditutup: sasaran tercapai:
My take profit for this trade has been hit. Let me know if you followed this trade and made money!