USDCAD Expecting Bounce from Trendline
Updated
Has been in a nice uptrend for the last few days.
The current trendline has been respected twice already on a 4hr chart.
I want to be buying once the market re tests this trendline as i expect a large bounce through the monthly resistance level at 1.26900 all the way up to the daily resistance level around 1.28195.
I will be placing a relatively tight stops just below the previous support level of 1.26155 incase the market breaks the trendline.
Looking to actively manage this trade and move stops accordingly.
The current trendline has been respected twice already on a 4hr chart.
I want to be buying once the market re tests this trendline as i expect a large bounce through the monthly resistance level at 1.26900 all the way up to the daily resistance level around 1.28195.
I will be placing a relatively tight stops just below the previous support level of 1.26155 incase the market breaks the trendline.
Looking to actively manage this trade and move stops accordingly.
Trade active
Market failed to Trigger our initial buy order at 1.26545 as only dropped to 1.26664 missing our entry by around 10pips. However when the market broke the trend line we place a buy order at 1.27067 expecting a bullish bounce. Trade was triggered and now expect to rally to the daily resistance zone.
Trade closed manually
Closed at Break Even. We will re assess over the weekend and look for a potential entry point next week.
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