Potential USDCAD Buy Swing Position 200+ Pips
Updated
Good Afternoon Traders, Forex Fargo checking back in!
Today our analysis is on USDCAD.
The overall trend for this pair seems to be in a slow Bullish incline.
With that being said, there seems to be a potential for a VERY good Long Swing Position if entered correctly.
My prediction is that from a 4H and Daily TF, you are able to see what looks like an inverted head and shoulders.
Please refer to chart for more details on where placement is.
As always, Monthly Resistance Level is set at 1.36500.
And as for, Monthly Support Level is set at 1.30500.
The neckline for the pattern is marked off as the Weekly Resistance Level at 1.33200.
Weekly Support Level is marked off at 1.31000.
Once price enters my Demand Zone (1.31800-1.32000), I will look to enter the trade as follow.
Entry @ 1.31800-1.32000 (20 Pip Entry)
Stop Loss @ 1.31500 (30-50 Pips)
TP1 @ 1.33200 (110 Pips)
TP2 @ 1.35000 (300 Pips)
RR is 2:1 and 10:1.
HAPPY TRADING!
Today our analysis is on USDCAD.
The overall trend for this pair seems to be in a slow Bullish incline.
With that being said, there seems to be a potential for a VERY good Long Swing Position if entered correctly.
My prediction is that from a 4H and Daily TF, you are able to see what looks like an inverted head and shoulders.
Please refer to chart for more details on where placement is.
As always, Monthly Resistance Level is set at 1.36500.
And as for, Monthly Support Level is set at 1.30500.
The neckline for the pattern is marked off as the Weekly Resistance Level at 1.33200.
Weekly Support Level is marked off at 1.31000.
Once price enters my Demand Zone (1.31800-1.32000), I will look to enter the trade as follow.
Entry @ 1.31800-1.32000 (20 Pip Entry)
Stop Loss @ 1.31500 (30-50 Pips)
TP1 @ 1.33200 (110 Pips)
TP2 @ 1.35000 (300 Pips)
RR is 2:1 and 10:1.
HAPPY TRADING!
Trade closed: target reached
Entered trade at 1.32000 and exited at 1.32500. Price seems to be consolidating right now so took profits and waiting for another entry around 1.32000. Remember to be patient and wait for market to present opportunities.Trade active
Trade active
first TP region hit at weekly resistance 110 pipsTrade closed: target reached
300+ pipsDisclaimer
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