Elite Swing Trader Signals USDCAD – 10th May 2019
USDCAD is at a very interesting point on the Daily chart. The price has been heading towards the North on the H4 chart, however, The Daily chart shows that the price is right at the level of support of a potential Double Top. If we get a Daily Engulfing Candle right on that support level, then selling the pair would get us some green pips. Let us have a look at the USDCAD-Daily chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 1.35010 is the level that we are eyeing here. The price had a rejection from the level and came up to the level of 1.33765. If we get an Engulfing Daily candle right on the level where the price is roaming around, then sellers of USDCAD should look for going short opportunities on the pair. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.33768
- Stop loss: 1.34999
- Take Profit: 1.32481
Upon getting an engulfing daily candle, the entry may be taken in two ways. Some traders want to take an entry after an H1 breakout whereas some traders want to take the entry after an H4 breakout. I personally like H1 breakout since after getting an engulfing daily candle and then an H1 breakout at the lower low are enough to give the confidence to the sellers in this case. Nevertheless, if the entry is taken after an H4 breakout, that would get a higher winning ratio without any doubt.
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