I’ve discussed USDCAD here. From the daily chart below, we can see that price broke above the resistance level then pullback lower and retest the old resistance level which now act as the new support level. On the 4-hour chart, price formed a Bullish 2-Bar reversal, rejecting the daily support level and stick out compare to the previous chart. I decide to open 2 buy position above the Bullish 2-Bar reversal, with stop loss few pips below the signal.
OP: buy at 1.3009, SL: 1.2905, TP 1: 1.3075, TP 2: 1.3150
- Adjust stop loss for the 2nd position to break even (BE), if price reached the first target.
USDCAD daily chart
USDCAD 4-hour chart