Classic Support and Resistance with Harmonic Pattern on USDCAD
USDCAD has a classic support and resistance line on the 1-hourly chart. Here are two approaches depending on your trading style.
Classic Support and Resistance Levels:
Shorting Opportunity:
- Resistance Level: 1.3691
- Strategy: Look for a shorting opportunity at this resistance level.
- Stop-Loss: Place a stop-loss just above the resistance.
- Target: Aim for the support level at 1.3641 or below.
Buying Opportunity:
- Support Level: 1.3641
- Strategy: Look for a buying opportunity at this support level.
- Stop-Loss: Place a stop-loss just below the support.
- Target: Aim for the resistance level at 1.3691 or higher.
Harmonic Pattern:
- Bullish Shark Pattern:
- Completion Price: 1.3637
- Strategy: Wait for the Bullish Shark Pattern to complete at 1.3637.
- Magic Candle Pattern Confirmation: Look for a Magic Candle Pattern confirmation to enter a buying position.
- Stop-Loss: Place a stop-loss just below the Bullish Shark completion level.
- Target: Aim for higher resistance levels based on the pattern projection.
Key Points:
- Classic S&R Levels: Simple and effective strategy using clear support and resistance levels.
- Harmonic Pattern: Adds an additional layer of confirmation for more precise entries.
- Risk Management: Ensure proper stop-loss placement to manage risk effectively.
- Confirmation: Always wait for confirmation signals before entering trades.
Whether you prefer classic support and resistance or harmonic patterns, these setups provide clear entry and exit points. What’s your take on USDCAD? Do you have other strategies that work for you? Share your thoughts and strategies below!
Classic Support and Resistance Levels:
Shorting Opportunity:
- Resistance Level: 1.3691
- Strategy: Look for a shorting opportunity at this resistance level.
- Stop-Loss: Place a stop-loss just above the resistance.
- Target: Aim for the support level at 1.3641 or below.
Buying Opportunity:
- Support Level: 1.3641
- Strategy: Look for a buying opportunity at this support level.
- Stop-Loss: Place a stop-loss just below the support.
- Target: Aim for the resistance level at 1.3691 or higher.
Harmonic Pattern:
- Bullish Shark Pattern:
- Completion Price: 1.3637
- Strategy: Wait for the Bullish Shark Pattern to complete at 1.3637.
- Magic Candle Pattern Confirmation: Look for a Magic Candle Pattern confirmation to enter a buying position.
- Stop-Loss: Place a stop-loss just below the Bullish Shark completion level.
- Target: Aim for higher resistance levels based on the pattern projection.
Key Points:
- Classic S&R Levels: Simple and effective strategy using clear support and resistance levels.
- Harmonic Pattern: Adds an additional layer of confirmation for more precise entries.
- Risk Management: Ensure proper stop-loss placement to manage risk effectively.
- Confirmation: Always wait for confirmation signals before entering trades.
Whether you prefer classic support and resistance or harmonic patterns, these setups provide clear entry and exit points. What’s your take on USDCAD? Do you have other strategies that work for you? Share your thoughts and strategies below!
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