Hey everyone! Welcome back to another market update. Today, we’re looking at the USD/CAD pair on the 1-hour timeframe, using Heikin Ashi candles. Let’s break down a potential trade setup with a solid entry, stop loss, and take profit.
Right now, price is sitting around 1.43380, which is a key support zone. We’ve seen some consolidation here, and if buyers step in, we could see a strong push to the upside. So, I’m looking to enter a long position around 1.43380.
Now, risk management is key. My stop loss is placed at 1.41749, just below the recent support. This ensures that if the trade goes against us, we’re protected.
On the upside, my target is set at 1.48052, aiming for a solid risk-to-reward ratio. If price breaks above 1.45626, it could gain momentum, pushing us toward our profit target.
I’ll also be watching volume—if we see increasing bullish volume, that’s further confirmation that buyers are in control. If the trade moves in our favor, I might trail my stop loss to lock in profits.
That’s the plan! Let me know your thoughts in the comments, and don’t forget to like and subscribe for more trade setups. Happy trading!"
Right now, price is sitting around 1.43380, which is a key support zone. We’ve seen some consolidation here, and if buyers step in, we could see a strong push to the upside. So, I’m looking to enter a long position around 1.43380.
Now, risk management is key. My stop loss is placed at 1.41749, just below the recent support. This ensures that if the trade goes against us, we’re protected.
On the upside, my target is set at 1.48052, aiming for a solid risk-to-reward ratio. If price breaks above 1.45626, it could gain momentum, pushing us toward our profit target.
I’ll also be watching volume—if we see increasing bullish volume, that’s further confirmation that buyers are in control. If the trade moves in our favor, I might trail my stop loss to lock in profits.
That’s the plan! Let me know your thoughts in the comments, and don’t forget to like and subscribe for more trade setups. Happy trading!"
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.
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.