USDCAD@12th May 2016- Don’t miss the pull back
USDCAD@12th May 2016- Don’t miss the pull back.
Last time when I drew rising trendline(red line) –I expected to trade only when pair starts moving below trendline & going below 1.2850- which never happened & pair hit a new high@1.3015.
In order to encash the opportunities –trader has to keep calm & wait for good opportunities –which is close.
Pair after hitting new high@1.3015-started moving in corrective fashion & has been consolidating for past 3 days i.e. from 9th May 2016.
Strategy:
If Pair starts moving above 1.2880 first & should successfully breach the falling channel-that will be our first clue. Sometimes it can happen that post breach of channel-pair can fall & take support of falling channel that will be the sign of good bullish opportunity or if it goes beyond 1.2950- one should remain long for new highs in the zone 1.3500 to 1.3700 where we shall complete 161.8% of the initial rise from 1.2460 to 1.3015.
One should not wait for complete target & should book partial between the rise.
Aggressive Traders:
Currently pair is trading@1.2845- if it falls in the zone 1.2785—1.2810 –it shall complete 38.2% retracement of complete rise from 1.2460—1.3015- as good zone for going long.
Last time when I drew rising trendline(red line) –I expected to trade only when pair starts moving below trendline & going below 1.2850- which never happened & pair hit a new high@1.3015.
In order to encash the opportunities –trader has to keep calm & wait for good opportunities –which is close.
Pair after hitting new high@1.3015-started moving in corrective fashion & has been consolidating for past 3 days i.e. from 9th May 2016.
Strategy:
If Pair starts moving above 1.2880 first & should successfully breach the falling channel-that will be our first clue. Sometimes it can happen that post breach of channel-pair can fall & take support of falling channel that will be the sign of good bullish opportunity or if it goes beyond 1.2950- one should remain long for new highs in the zone 1.3500 to 1.3700 where we shall complete 161.8% of the initial rise from 1.2460 to 1.3015.
One should not wait for complete target & should book partial between the rise.
Aggressive Traders:
Currently pair is trading@1.2845- if it falls in the zone 1.2785—1.2810 –it shall complete 38.2% retracement of complete rise from 1.2460—1.3015- as good zone for going long.
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
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.