Long

USDCAD - Long setup after finding support in channel

Updated

USDCAD made an impressive move higher today after finding support at the bottom of the channel shown in the chart above. Using yesterday's huge bullish engulfing candle as confirmation this is likely a good entry point for a long position.

Trade active

Position opened at 1.32884

Note

SL move to BE plus a couple pips to cover costs

Note

SL adjustment: 1.334

Price has made it halfway to the top of the channel and is entering "congestion" where price recently found resistance. In the event of a quick reversal here, this will at least turn a profit after trading costs.

Note

SL adjustment: 1.338

Didn't check this chart yesterday but price continues to rise. So, the SL is being manually trailed. Another adjustment will likely be due at the end of the trading day.

Note

SL adjustment: 1.342

Note

SL adjustment: 1.346

USDCAD is losing momentum as it nears the top of the channel.

Trade closed manually

200 pips is good enough for me.

Trade closed manually at 1.34913

nboone

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