Hi all,
After reviewing the close of yesterdays daily candle, i am feeling very bullish with USDCAD for many reasons:
- Firstly we have a bullish engulfing candle
- Secondly, the price failed to close below the previous lows (daily level -15/12/20), potentially trapping any shorts.
Therefore if we look for an entry on the H1 we can see some structure that we can trade off.
We have the 61.8% retracement, a nice flip point of support and resistance and its at the daily ATR.
I have similar set up on the GBPUSD on this.
After reviewing the close of yesterdays daily candle, i am feeling very bullish with USDCAD for many reasons:
- Firstly we have a bullish engulfing candle
- Secondly, the price failed to close below the previous lows (daily level -15/12/20), potentially trapping any shorts.
Therefore if we look for an entry on the H1 we can see some structure that we can trade off.
We have the 61.8% retracement, a nice flip point of support and resistance and its at the daily ATR.
I have similar set up on the GBPUSD on this.
Note
This trade was pulled as price already rejected near this level, therefore no tradeOrder cancelled
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.