USD/CAD Buy SwingTrade
Updated
Reasons to Enter the Trade:
Trendline and Fibonacci Confluence:
The price is respecting a strong upward trendline.
The 61.8% Fibonacci retracement level aligns with the trendline, providing strong confluence for a potential reversal.
Stochastic Oversold:
The stochastic oscillator indicates a potential upward reversal as it climbs from an oversold region.
Risk-Reward Opportunity:
The chart shows a decent risk-reward setup, with a target near the 0% Fib level (1.4180) and a stop-loss below 1.3925. If this provides at least a 2:1 reward-to-risk ratio, it's a good trade to consider.
Structure Holding:
There’s no significant break below the critical structure levels, suggesting the bullish bias is intact.
Trendline and Fibonacci Confluence:
The price is respecting a strong upward trendline.
The 61.8% Fibonacci retracement level aligns with the trendline, providing strong confluence for a potential reversal.
Stochastic Oversold:
The stochastic oscillator indicates a potential upward reversal as it climbs from an oversold region.
Risk-Reward Opportunity:
The chart shows a decent risk-reward setup, with a target near the 0% Fib level (1.4180) and a stop-loss below 1.3925. If this provides at least a 2:1 reward-to-risk ratio, it's a good trade to consider.
Structure Holding:
There’s no significant break below the critical structure levels, suggesting the bullish bias is intact.
Trade active
Trade is running to take profits Trade closed: target reached
ALMOST TP HIT
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