USD/CAD Trade Setup: Long Position from Fibonacci Golden Pocket
I've entered a long position on USD/CAD, using the Fibonacci retracement for my setup. The entry is based on the golden pocket level, a key area between the 61.8% and 65% retracement levels, which often acts as strong support.
Although I've been underwater on this trade for a while, I'm still confident in the strength of the golden pocket.
My stop loss is strategically placed below this level at 1.37115 to protect against further downside. I'm targeting the 0.382 Fibonacci level for my final take-profit at 1.38110.
I'm also considering adding to my position if we get a four-hour close above the EMA on the 4-hour chart, which would further confirm the bullish setup.
I'll keep you posted as the trade develops.
Although I've been underwater on this trade for a while, I'm still confident in the strength of the golden pocket.
My stop loss is strategically placed below this level at 1.37115 to protect against further downside. I'm targeting the 0.382 Fibonacci level for my final take-profit at 1.38110.
I'm also considering adding to my position if we get a four-hour close above the EMA on the 4-hour chart, which would further confirm the bullish setup.
I'll keep you posted as the trade develops.
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