[TW] 10-10-2011 USDCAD Long by pipballer

Trading Discussion
1

usdcad 4h

usdcad23.jpg700×283 31.9 KB

Long or short: Long

Entry point: 1.0380

Stop loss: 200 pips (1.0190)

Profit targets: 270 pips (1.0650) and 620 pips (1.1000)

Reward to risk ratio: 440:200 - 2.25:1

Risk percentage: 1%

Indicators used:

Fibonacci
Stochastics (9,3,3)

Rationale: I’m still very bullish on the dollar and I think that we could see more deleveraging over the next few weeks. I think dollar will continue to rally, while commodities and european currencies will suffer. Buying on monday open, as a the green candle following the hammer that formed above the 38.2% Fibonacci level is strong buy setup. Stop below the hammer, an aiming for the previous high and former highs.

2

I like this one! :slight_smile: I’m seeing a similar pattern on my charts :smiley:

3

Nice call, Look on the daily chart as well for that lovely bounce where the monthly pivot and the 20MA meet. We’ve a low test on the daily and 4 hr that is bouncing of the meeting of two technical level. My trading plan requires me to take this.