UPDATE 3.0: USDCAD [D] Technical Analysis [BUY] [190122] @4:1
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 [Temporary S&R] 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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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.