Price moved really quickly from my entry...
Analysis
-USDCAD looking bullish after showing signs of a breakout, pullback and continuation play. Buyers pushed price significantly past resistance wherein sellers came in and pushed it back down into resistance turned support.
The price action resulted in a daily spinning top setup AT SUPPORT before the daily candle close which is a bullish sign.
-On the 1H time frame, price just broke a bearish (correction) trendline to the upside.
-The reward/risk is good for the setup (given the distance between daily S/R levels)
Entry, Stops and Targets
-Long Entry: 1.34633 (Enter long after price pulls back, never chase a trade)
-Stop Loss: 1.3439 (Set stop below the daily reversal candle or swing low on the 1H chart)
-Take Profit: 1.3512 (Set target at a minimum of 2 times your stop, depending on entry)
= 2R
*Trade Safe and trade at your own discretion!*
Analysis
-USDCAD looking bullish after showing signs of a breakout, pullback and continuation play. Buyers pushed price significantly past resistance wherein sellers came in and pushed it back down into resistance turned support.
The price action resulted in a daily spinning top setup AT SUPPORT before the daily candle close which is a bullish sign.
-On the 1H time frame, price just broke a bearish (correction) trendline to the upside.
-The reward/risk is good for the setup (given the distance between daily S/R levels)
Entry, Stops and Targets
-Long Entry: 1.34633 (Enter long after price pulls back, never chase a trade)
-Stop Loss: 1.3439 (Set stop below the daily reversal candle or swing low on the 1H chart)
-Take Profit: 1.3512 (Set target at a minimum of 2 times your stop, depending on entry)
= 2R
*Trade Safe and trade at your own discretion!*