Master the IBWT pattern

Want

Get it now (risk-free)

8 patterns that make up 98% of my PA income

Get it now (risk-free)

Learn the Scalping Secrets

Get it now (risk-free)

Read on Mobile Enter Reading Mode

USDCAD Trading Setup

Posted on Oct 12th, 2016

by colibritrader

USDCAD Trading Setup

The trading week has not been that turbulent so far. Apart from the GBP-pairs, we did not see a lot of action.

by: Colibri Trader

The trading setup from last time start showing profits from the very beginning. Today we saw a small healthy retracement, which could have made you add an additional small position if you are following my strategy. If not, I do not see a reason to take profits at this stage. You can let this one run more.

USDCAD Trading Setup

Today’s trading idea is coming from the USDCAD. The pair has broken the closest resistance and has tested it once. It looks like the bulls are just getting prepared for more upside action. There is a daily pin bar that formed just above the resistance area. My trading idea is a long trade from here. I will be looking to enter at around 1.3250. My stop loss would be placed just under 1.3150. My initial target is located at the psychological level of 1.3500.

Happy Trading,

Colibri Trader

Leave a Reply Cancel reply

Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Colibri Trader Ltd, its employees, directors or fellow members. Futures, FOREX, CFDs, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures, FOREX and CFDs markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd's, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.