Categories: Technical Analysis

USDCAD forming great buy opportunity

Now that the market has digested yesterday’s news from the Fed Chair Yellen, we see that the loonie is reaching an up trend line well seen on the H4 chart. Along with the H1 divergence that is being formed at the moment, I think, that this is a wonderful buy opportunity forming. So here is the plan to join:

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Technical Overview:
H4 – up trend line, band-to-band move on the bollinger bands, hidden bullish divergence

H1 – bullish divergence forming, close to 20 candles ride on the bollingers (19 at the moment)

Entry:
H1 – wait for the price to come near the up trend line and MACD to create another higher low (complete the divergence). Then once you get you trigger candle (bullish candle pattern) go for the long. Keep in mind in the long run we expect the USDCAD to continue lower!
Target 1: 1.2445
Target 2: 1.2500
Stop Loss: Below last low created

Video Explanation:

Yours,
Vladimir

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.