USDCAD - Long setup after finding support in channel

14 Dis 2016

USDCAD made an impressive move higher today after finding support at the bottom of the channel shown in the chart above. Using yesterday's huge bullish engulfing candle as confirmation this is likely a good entry point for a long position.

14 Dis 2016

Dagangan aktif

Position opened at 1.32884

15 Dis 2016

Nota

SL move to BE plus a couple pips to cover costs

22 Dis 2016

Nota

SL adjustment: 1.334

Price has made it halfway to the top of the channel and is entering "congestion" where price recently found resistance. In the event of a quick reversal here, this will at least turn a profit after trading costs.

27 Dis 2016

Nota

SL adjustment: 1.338

Didn't check this chart yesterday but price continues to rise. So, the SL is being manually trailed. Another adjustment will likely be due at the end of the trading day.

28 Dis 2016

Nota

SL adjustment: 1.342

28 Dis 2016

Nota

SL adjustment: 1.346

USDCAD is losing momentum as it nears the top of the channel.

29 Dis 2016

Dagangan ditutup secara manual

200 pips is good enough for me.

Trade closed manually at 1.34913