USDCAD Long! Upside potential of 1.38000 (500 pips)

After a strong bullish run, this pair hit a previous resistance level of 1.34500. At this level the bulls were exhausted and the bears took over. A trade I entered and profited from. Anyway, the pair fell further and into the weekly support zone and 4H support zone of around 1.33000. this level also happens to be a 50% fib retracement level. Now zoom out on the monthly, weekly, daily and the 4H time frame you will see a large uptrend. This pair has simply retraced and is testing the support and psychological level of 1.33000 as I write this.

I entered at 1.33150 and the price retraced leaving a lower wick before the next 4H candle filled the wick however still closing with a small wick testing the very edge of my support. I have a 40 pip SL set and even if this is hit, I will look to reenter. I am anticipating the price again to surpass the 1.34500 resistance level and continue up before stalling around 1.36000, however as I have mentioned in the past, I am confident this pair will reach 1.38000 or very close.

Commentaire:

I am working on my entries and trying to get them a lot better, I entered on the 13:00 candle with a If/when order and if the price had held up at the weekly support (yellow) then it would have been a near perfect entry. Only missed out on a potential extra 20 or so pips.

Transaction en cours:

Trade has been active since 13th March 2019, currently in profit and awaiting a break from the 1.33500 level (weekly resistance) before the larger bullish moves happen. Price is trying to break past this and I believe it will within the next day or so.

Trade fermée: ordre d’arrêt atteint:

09:00 candle hit my SL.

Transaction en cours:

Reentered at 1.32598, entered on the lower wicks and another entry at 1.33150.