UPDATE: USDCAD [D] Technical Analysis & Top-Down [BUY] [190122]
Updated
Good Afternoon people...
Hope you all had a good weekend
Here is an update for the recently posted USDCAD Technical Analysis...
The [I]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.
There are PMI [Medium - Low impact] USD News/Data releases @14.25 [GMT] - A possible Banana Skin :/
Further updates to come...
Thanks for tuning in people and the likes are much appreciated.
Trade active
Hello People - 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 [But, only because this is an update, which is now a free trade]
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 [50 FIB] 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 would permit a review the position and update the post.
Thanks for tuning in people - PEACE OUT!
...
Note
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 …
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