Usdcadweekly
USDCAD → Bottom of Trading Range! Looking for Long Entry.USDCAD is at the bottom of a trading range and near the Weekly 200EMA which acted as good support in the last bull trend opportunity from July to October. Now that we're here, should we long?
How do we trade this? 🤔
We almost have enough price action to justify a long entry. Longing now would be maximally risky because we don't have a good buy signal bar yet. You could enter now with the understanding that every time we've hit these levels since September 23, a long as been profitable. I prefer more confirmation and thus, more probability before entering a trade. I think we need at least a good strong buy signal closing in the 131.300 - 131.600 range. With this signal, we can enter a trade a 1:2 Risk/Reward Ratio to the top of the trend.
Wait for a couple more Daily candles to show such support before longing. Until then, lets be patient on the sidelines!
💡 Trade Ideas 💡
Long Entry: 132.665
🟥 Stop Loss: 130.000
✅ Take Profit: 138.000
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Trading Range after Bullish Price Action, Bias to Long.
2. Near Trading Range Support and Weekly 200EMA, Look for Entry.
3. Look for Test of Support before Entering a Trade.
4. Target 1:2 Risk/Reward, Stop Loss below 200EMA, Take Profit at Top of Range.
5. RSI at 39.00 and below Moving Average. Needs to Fall More before Long.
💰 Trading Tip 💰
Trends typically have three legs in either direction. Signals of a reversal include strong buy or sell bars with large wicks, higher highs and lower lows get weaker, and responses to the reverse direction get stronger. Confirmation lies with double and triple bottoms with a strong candle closing on or near its low/high.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
USD/CAD Weekly Analysis - Bull Breakout to 1.40!USD/CAD has finally broken out of the bear channel/bull flag and closed near its high on the Weekly chart. Current price is at 1.38750 with a nice gap to fill at the bear channel high of 1.40000. This is an ideal Daily or Weekly scalp, placing your stop below the channel top of 1.37000 or the Weekly 9EMA. That creates a Risk/Reward Ratio of 2:1, which means your position size needs to be sized for your maximum loss for your account size. (Examples Below)
Key Points:
1. Weekly candle closing near its high
2. Weekly candle closed well above the Bear Channel
3. Gap between current price and channel high
4. RSI has room to move up
5. Scalp the gap between the current price and 1.40000
A weekly candle closing near its high after a breakout is a strong bull signal. The price has a gap to fill, and the RSI has room to move up. The RSI is a weak indicator on its own, but coupled with the other data points, it aids the conclusion. It's reasonable to scalp the gap on the Daily or Weekly charts. See the rationale below.
Trading Rationale
Let's say you have a $10,000 account and you apply the 2% rule of trading, where your maximum loss on any trade is 2% of your total account equity. In this case, $10,000 x 2% = $200. Therefore, a scalp on this chart should render a loss no greater than $200 and a reward of $100.
A scalp is justified in this case because our probability of success is likely higher than the general 40-60 rule, which states that the probability the market will move the same distance in either direction is between 40%-60%. In the 40%-60% scenarios, a 1:2 Risk Reward ratio means your probability of making money is positive.
When we have a strong breakout like USD/CAD, the probability of a continuation gets closer to 80%-90%. We can afford to extend our risk because the probability is so high. The simple math is if you ran this trade 10 times and hit your Take Profit on 8 of them (80%), you would win $800 and lose $400, a total profit of $400. Therefore, this is a reasonable trade.
As always, trade at your own risk, you are responsible for your trades. I hope this analysis was insightful and useful.
Trade wisely and let us know what you think in the comment section below!
USD/CAD - Long; Forget the CAD pairs! (Long all USD/XYZ)I was contemplating to load up the CAD pairs but I changed my mind. The Loonie is clearly positioned for a major (continued) drop on the near term and thus, ALL CAD base pairs are very likely to under perform their USD cousins.
Thus, back to the (previous) base case; (continued) Long USD and Short pretty much everything else . (...as far as the eye can see).
USDCAD - FUNDAMENTAS WITH TECHNICAL LEVELS#USDCAD
USDCAD is now quite BUY. The dollar started to strengthen slightly because of the short-term POSITIVE SENTIMENT for the dollar. Because it came with the NFP REPORT. The dollar weakened slightly after the FOMC last time. But the FED can raise the RATE HIKE or their CEILING RATE whenever necessary. Anyway, it was mentioned in the previous MEETING that the FED is still MONITORING INFLATION DATA.
We think it will go up to the 1.3792 level before going down again. Also, with this MARKET RISK ON SENTIMENT, the USDCAD PRICE can SELL to the 1.3367 LEVEL in the future. FOLLOW THE STRUCTURE GIVEN.
USDCAD - FUNDAMENTAS WITH TECHNICAL LEVELS#USDCAD
USDCAD is now quite BUY. The reason is because OIL is slightly WEAK, CAD is WEAK and USD is slightly UP. The dollar has strengthened after the December FOMC. All MARKETS including STOCKS and COMMODITIES are going down slightly due to the OFF of MARKET RISK.
And MARKETS RISK has been OFF again for this reason. But with RETAIL SALES, ISM MANUFACTURING DATA, and FED UPDATES, this situation may change in the future. Therefore, if the FED continues to be HAWKISH, the USD can definitely go UP. So stay tuned for FED UPDATES.
We think it will go up to 1.3947 level before going down again. Also, with this MARKET RISK ON SENTIMENT, the USDCAD PRICE can SELL to the 1.3155 LEVEL in the future. FOLLOW THE STRUCTURE GIVEN. usdcad
USDCAD - FUNDAMENTAS WITH TECHNICAL LEVELS#USDCAD
USDCAD is going up quite a bit right now. That's because OIL is down quite a bit and POWELL'S HAWKISH COMMENTS UPDATES came. They have been working to make USD STRONG in recent days. Due to this reason, STOCKS can move DOWN SIDE if the USD becomes STRONG like this.
Right now, there is a very good BUY towards the UPSIDE because US DATA and UPDATES are POSITIVE. We think it will go down to 1.2999 level before going UP again with MARKET RISK ON SENTIMENT.
Somehow, there will be a chance for USDCAD to go up to 1.3221 LEVEL again. We wait until the UPSIDE TREND CONTINUES. FOLLOW THE STRUCTURE GIVEN. usdcadusdcad
USD/CAD Short Trade SetupHey Guys!
The Usd/cad's weekly bias is currently short. Or in other words, price is likely to reach 1.2400 before reaching 1.3075.
In this post I explain what I'm looking for in order to enter this short set up. As well as what I'm looking for in order to confirm this weekly short bias.
That's it! I'll keep you guys updated!
Ken
Disclaimer: This is not Personal Financial Advice.
USDCAD top-down analysisHello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
USDCAD movement for weekly (30 Aug - 06 Sep 2021)Hellooo...My Dragon Friends
My Last Week Target Achieve target.
so for this week, lets see how strong this support trendline can hold.
i try to buy it with TP at the resistance of the trendline.
Lets See
Happy Trading
SMart Trading
Money Management
Risk Management
Disclaimer On
USDCAD movement for weekly (22-29 August 2021)Hellooo...My Dragon Friends
I see USDCAD movement follow the trend line rule.
and support line from the trend line is HARD to break.
so my prediction still going movement follow the uptrend line.
I will see must boost some uptrend if break my orange square.
lets see
Happy Trading
Smart Trading
Money Management
Risk Management
Disclaimer On
USD CADFULL WAVES COUNTING FROM WEAKLY AND DAILY CHART.
2 years back analysis.
3 posible sceanrio that futur wave ABC could take
green (bullish scenario): what to look for:
-price of oil (the lower the better)
-us inflation (the higher the better)
orange (neutral scenario)
red (bearish scenario)
(this is the most probal scenario, taking in count the rally of oil and the dollars that will lose value this year from all this 2020 printing. you can't hide this forever.
USD/CAD PAIR BREAKDOWN👋 Hey there traders, and welcome to a brand new pair breakdown!
📌 If you like the content that I produce for you all, show some love by smashing the like and follow button, also, leave a comment! That keeps me motivated to produce more content!
📌 Why should you follow me on Tradingview?
I'm transparent.
I provide educational content.
High probability setups
I explain all my steps in-depth
📥 If you would like me to analyze a pair, or discuss something educational and or trading related, let me know via private message, or drop a comment! I always respond to all the comments! :)
Keep in mind that the analysis provided is not 100% accurate and that you can never be certain about the markets. This information given is not financial advice, always do your own research.
Thank you for your time, and let's destroy the markets together!