Hi Traders! I am sharing with you the USDCAD buy trade idea update and follow up. This trade moved perfectly as per our plan and provided us excellent profits and gets added to my list of profitable and successful trades. On January 21st 2020, I shared with you this “Technical Analysis – USDCAD Buy Idea” In this post lets do a recap of this setup and see how it has developed now.
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Now lets summarize the idea first:
USDCAD W1 (Weekly) Chart Analysis
Bullish Trend Pattern, Strong Support Zone, Stochastic Oscillator has reached its extreme.
USDCAD H4 (4 Hours) Chart Analysis
Downtrend Line Breakout, Parabolic SAR
USDCAD H1 (1 Hour) Chart Analysis
Bullish Trend Pattern, we may look for pullbacks and buys with bullish evidences.
USDCAD Buy Trade Running In Profits
So based on the above mentioned bullish setup we were looking for pullbacks and then buys. The price moved perfectly as per our plan and this one turned to be yet another profitable trade for us. The pullback (we got deeper pullback) that we were looking for happened and then the price moved higher exactly as we expected. We have collected nice profits with this trade so far.
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If you have any further questions, don’t hesitate to drop a comment below!
Chief Trader at the Traders Academy Club