USDCAD Long
USDCAD L Trade Ideas
ALOHA Traders!
The market is showing some nice setups to end the month of SEP brining in some nice momentum going into OCT and beyond. Here is one of my ideas of what I’m thinking price can do.
1. USDCAD L (live position)
D - Bear momentum has dissolved. Price has broken out of the Descending Channel and has much room to the upside, +16% worth. Can’t say i’ll be holding it for that long but I will be lenient with my SL follow on this one.
4HR - Lower low has been confirmed, price broke out of a triple top on the top range trend line . At this point, price can fall back down to the top of the range trend line it just broke out of before continuing upwards. I like that it broke above the 50ema and closed with strong bullish momentum.
1 HR - Price broke out of first bottom range/correction and formed a mini corrective pattern to continue on. Price can be forming a bigger/cleaner correction into next week.
15Min - Price has fallen below 50ema but is not a deal breaker.
As always, price can absolutely do some crazy, whip shaw shenanigans and nothing is ever a guarantee in the market until it actually happens.
- I am live in this position and, market allowing, will be holding over the weekend and into next week.
SL set at 77 pips.
Target: top of range 1.46 level.
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