USDCAD Swing Trading Signal – 31st Jan 2019
USDCAD uptrend came to a grinding halt in late Dec 2018. Since then you can clearly see the Bears have taken charge. Of late, the 20 Day SMA seems to be the dynamic resistance. Each time the bulls tried to rally, the 20 day SMA is there to push the price back down. Yesterday rejection from the 20 day SMA proves that the Bears means business… dropping the price by 150 pips with seemingly no support just as it did on the 25th of Jan 2018. The chart below is analyzed using the Elite Swing Trading System (indicator is included at the moment).
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So here’s how we are going to approach this play. We will have a limit sell order and a sell stop order in place because we do not know what will happen. We are only confident that the direction for USDCAD is SELL. In case the USDCAD retest resistance, then we will have our sell limit order in place.
- Sell Limit Order: 1.32100
- Stop Loss: 1.33000
- Take Profit: 1.31200
And if USDCAD makes a run for it, then we want to have our Sell Stop order in place to catch the price dive. And our sell stop order should look like this below…
- Sell Stop Order: 1.31200
- Stop Loss: 1.32200
- Take Profit: 1.30500
With both sell limit and sell stop in place, we should be able to something happened in USDCAD. And there’s a good chance this trade will see good profit. Having said this, please be sure to use proper lot sizing and never (and never) risk too much on trade. No matter how good a trade might look, there’s a chance things might go wrong. The markets are volatile and erratic. We just have to control our own risk exposure.
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