USD/CAD Long-Term Trend: Bullish
Key Resistance Levels: 1.27914, 1.28327, 1.29029
Key Support Levels: 1.26935, 1.26682, 1.26400
Since the low on December 31st, we have seen some bullish momentum build, which subsided when met with the resistance zone. Thereafter, we got a pullback which is currently finding support in the 50-61.8% retracement area. If this holds, we may see a play back into the resistance zone, and potentially beyond. On the risk side, we have a diagonal resistance trend line which may present some challenges for the bullish scenario.
USD/CAD Medium-Term Trend: Bullish
It seems as though there may be some accumulation in the 50-61.8% retracement area before possibly making an attempt at a bullish move. Additionally, if we do climb, watch out for some resistance from the trend line (purple) before we can even get to TP 1.
Buy Limit Order @ 1.26994
TP 1 @ 1.27901
TP 2 @ 1.28795
Stop Loss @ 1.26484
Trade Safely 🙂
Yo! I got your message today on Jan 8 (Saturday)
1- can you tell me how can we manaul close our trade while the market is closed?
2nd – the market is still close and you already announce -1% (-21 pips) loss for today… how is that possible?
The position was taken out on Friday before market closed. That was just an update of that trade idea. Does that make sense?
Think that manual close was wrong
You are right Aaron. Let me fix that. Thank you
Hi. Ive asked this before but here i go again.
Do you divide the total Lot Size by 2 for each TP/trade?( Tp1 & TP2)
For Ex. Say lot size is 0.06.
Therefore 0.06/2= 0.03
Please some light on this.
Sorry for the delayed reply.
Not necessarily. I usually put my TP 1 at a resistance zone. If I see weakness there, I would close the trade, if not, I would let it run. if we go beyond TP 1, I would recommend maybe taking STOP loss to Entry, and maybe even up to TP1 so you can book profits. Does this help?
Thanks Patrick. Yes this help a lot. So you are taking a single trade with a trailing SL right?
Somewhat. Once the position has hit TP1, Consider a trailing SL or at least covering to entry price so as to protect profits.
Do you divide the total Lot Size by 2 for each trade? ( Tp1 and Tp2)
For Ex. Say Lot size is 0.06
0.06/2 = 0.03
Tp1 = 0.03
Tp2 = 0.03
What about nfp?