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Great Buy Opportunity In USDCAD! Disclaimer: this is an idea, trade off it at your own risk USD CAD has just made a false breakout and has made a strong move up and broke out of the 4H trend, it has also reached above the 200 EMA line. We should be waiting for the retracement as it approaches the 50% - 61% fib area and look for the perfect buy in that zone (140 - 260 PIPS in Profit) Then we could possibly look for another buy as it reaches closer to the range high. If it drops down to the reverse zone we should be looking for it to test the range low support area, and if it breaks out of the range low then we should look for sells as it will approach the February 2018 support area and then look for new structure, potentially a reverse.
Long
by YoungShaq
$USDCAD - Wait for the breakout from flagHi guys! 👋🏻 🔔 USDCAD continues the correction after a substantial growth on November 9. The pair is consolidating between $1.30900 and $1.30494. 🔔 On a 4-Hour chart USD/CAD has formed a bullish flag pattern, breakout from which will signal a bullish continuation. And the triangle on RSI is getting smaller and smaller, leaving little space for fluctiation and bullshit. 🔔 The bearishness of Dollar/Canadian is also endorsed by Moving averages, both simple moving averages of 100 and 200 and an Exponential MA 50 are above the current price. 🔔 The US Dollar is still bearish against the Canadina Dollar since March 2020, where there is one scary pattern I'm tracing since then on a monthly chart - double tops. 🔔 Fibonacci levels on a 4-Hour chart demonstrate the importance of the $1.30180 support level. Only when USD/CAD closes above $1.31000 it will proceed further towards $1.32000 and beyond. 🔔 Bullish continuation of the pair may be backed by the strong US data tomorrow. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
Long
by azizelliott
1
CADJPY Sell Sell SellStill time to catch this one. Nice profit from the buy now secured - that was shared on here last week too. What is our strategy? Our strategy is a trend following strategy, can be used on any instrument and time frame. However, we have hard coded specific parameters for when trading the H1 time frame, so we can back up over 4200 previous trades to confirm our edge from previous data. This gives us confidence in execution and belief in our trading strategy for the long term. The strategy simply sits in your trading view, so you will see exactly what we see - the trade, entry price, SL and multiple TPs (although we hold until opposite trade as this is the most profitable longer term plan), lot size, etc. This could be on your phone trading view app, or laptop of course. The hard work is done, so we have zero chart work time, no analysis, no time front of the chart doing technical analysis - technical analysis is very subjective - you may see different things at different times - how do you have a rigid trading plan on a H&S shoulder pattern? Your daily routine, diet, sleep, exercise can affect what you 'see' and your decision making, this doesn't happen when a strategy is coded like this; what we do have is a mechanical trading strategy... What does this mean? It means, we are very clear on our entry and our exit and use strict risk management (this is built in - put in your account size, set your risk in % or fixed amount and it will tell you what lot size to trade!) so we have no ego with our position and we are comfortable with all outcomes - its simply just another trade. This free's our mindset from worry and anxiety as we take confidence from knowing our edge is there and also that we have used sensible risk management. The strategy itself can be used as a live trading journal too - how cool is that? The strategy will confirm and support every open and closed position - so its quite easy to follow. We just have to do what Percy does. Please see our related ideas below for more information to explain what we do and how it can help you.
Short
by pow_removetheguesswork