Swing Trading Strategy USDCAD – 22nd April 2019
USDCAD seems to have found an extremely good level of resistance. On the H4 chart, it is explicit that the price got rejected at least 5 times at a level and it seems like that it has produced a double top as well. Even though it is Monday and the London session has not even started, but a breakout on the intraday charts has already taken place on the pair. This indicates that the pair might make a stronger bearish move later today. Let us have a look at the H4 USDCAD chart.
This is another trade idea generated by the Elite Swing Trader.
As we see that the level of 1.33875 where the price got rejected 5 times so far. The last bearish H4 candle is trying to make a breakout at the level of 1.33645. If it happens, then the breakout should be considered as the neckline breakout of a double top. An H1 consolidation and an engulfing H1 candle right at the 1.33645 would drive the price to go towards the level of 1.32850. Let us have a look at the summary of the trade…
- Sell Stop order: 1.33575
- Stop Loss: 1.33876
- Take Profit: 1.32930
It is a good start of the week considering the last week (full length) of the month. If it goes like this, then CAD pairs are going to be a good pair to keep an eye at and look for the trading opportunities to conclude the current month.
The Elite Swing Trader Trading Dashboard
With the Indicator, you can now have multiple charts open and wait for the Elite Swing Trader will highlight potential trades to your attention. Of course, without saying, you do not trade every signals. Instead, this is a massive time saver. You decide on the trades to take.
This is a time tested Ever Green Swing trading system. Learn more here…
Claim Your $60 No Deposit Bonus Here
All you need is to have your live account verified!
Of course, you need to open a live account...
2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!
We use both of these brokers and proudly promote them!NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.
Other Analysis Today