[TW] 08-20-12 Long USD/CAD

Long USD/CAD @ 0.9890 (I am already long from 0.9865)
SL: Either 0.9850 or 0.9790 for added safety.
TP: 1.0060, or hold a few weeks and go for 1.0220.

r:r Risk 40 for 150, or 100 for 330

Bullish convergence on the 4 hr is slowly starting to materialize.
4 hr MACD has bottomed out.
On the hourly 0.9980 was rejected and is small support now.
All indicators on the 4 hr pointing north.

Fundamentals also support this trade.

Risk: 5%, since in my book this is a no-brainer.

As soon as 0.9905 is taken out, it is safe to put SL @ BE and add more to the trade with lower risk % like 2%.
If 0.9970 is taken out, I will put SL in the profit zone and add more longs.

Agree but I am looking at the daily chart

I will be buying dips on this set up…


Thanks for the chart, I had trouble posting one.
I am already long since 0.9865 but as soon as market opens I will add to this trade.
I see 0.9795 - 0.9800 as very strong support and I will hold for a few weeks, so this will be a big one.

Just in case we do go lower first, I also have pending longs @ 0.9810

Hi Killerwhale,

I have also entered long at 0.9880.
If the pair dips lower I will enter more long positions. I am aiming atleast parity and will hold on to this trade for a few weeks.

In addition to this I have also entered long for GBP/CAD, AUD/CAD and shorted CAD/JPY (JPY is weak, so I am aiming only 50 pips). But yeah- I am heavily bearish on the CAD.

All the best :slight_smile:

I’m voting yours as the trade of the week.