[Read this trading setup : USDCAD]
Here is a quick update on my long USDCAD setup. As you can see on the chart below, I was able to long at 1.3009 or above the 4-hour Bullish 2-bar reversal. I put an order above the bullish 2-bar reversal as a confirmation that the price ‘want’ to move higher. As a result, price reaches my first target at 1.3075 and I managed to get 66 pips from the first position. For my second position, I just adjust the stop-loss level to break even (BE) level at 1.3009, just like I said on my trading plan. So this is a free trade for now.
Here is the summary of my positions:
OP: buy at 1.3009, SL: 1.2905, TP 1: 1.3075, TP 2: 1.3150
Position 1: +66 pips
Position 2: adjust stop-loss to break even level at 1.3009
USDCAD 4-hour chart
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