5th April - USDCAD - Long

usdcad

I have been trying to pinpoint USDCAD long for some time now. It kept printing lower.
Looking at daily charts, USDCAD is sitting at a major support. The level marked at the chart below was pretty responsive in the past. Traders could use this opportunity to pile in orders around this level.
I will be looking for long setup with target around 1.3750. This is 50% retrecement of the recent down move.

The long setup will depend on the price printing higher high first.
Looking at smaller time frame:
I want USDCAD to break a descending trendline and establish a higher high at above 1.3250. I will wait for the price to pull back towards support - former resistance at around 1.31.

usdcad long

This should be a good long entry.

Date: 04/05/2016
Pair: USDCAD
Price: 1.3100
Trade: Buy Limit
Lot Size: 0.03
Stop Loss in Pips: 150
Take profit in pips: 600
Risk of Equity: 3%

 

My Trading Checklist

 

ARE THERE MAJOR RISK EVENTS TODAY/THIS WEEK: No
Is the market risk off or on? SP500, DAX, NIKKEI. Are the down or up: Not clear to me
Is this trade with the trend?: Reversal
Did I see it yesterday?: Yes
Is this a pullback measured by Fibs?: Yes
Am I buying support?: Yes
Am I selling resistance?: N/A
Is this entered during London's session?: Not sure. Its a pending order
Did the price pulled back from 200MA on 15Min?: Yes
Are stochs extreme on multi charts?: Yes
Where is the price in terms of Pivots Points?: Support

 

 


 

Trading in Forex Exchange Market is VERY SPECULATIVE AND HIGHLY RISKY and is not suitable for all members of the general public but only for those investors who: (a) understand and are willing to assume the economic, legal and other risks involved. (b) Taking into account their personal financial circumstances, financial resources, life style and obligations are financially able to assume the loss of their entire investment. (c) Have the knowledge to understand Forex Exchange Market and the underlying assets.

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