USD/CAD Long Set-Up

Trading Discussion
1

Here is my USD/CAD Set-up for the week using H4 time frame


Long or Short: Long
Entry Point: 1.0199
Stop Loss: 1.0149
Profit Target: 1.0274
R/R ratio= 1:1.5

I used fib retracement level as my entry point since the overall trend is bullish.
I also included a trendline which tarry with 23% Fib retracement level. Please my trendline is blur, bear with me

Trade Adjustment: I would look for a short entry if my SL is canceled out as my SL is the
low of the most recent retracement before an upward move.

Goodluck

2

It looks like it is hitting the weekly trend line

weekly.jpg700×295 27.3 KB


Daily looks like it was not able to break it
daily.jpg700×295 30.8 KB

3

hi stupid question ,what is the ideal timeframe to establish trend,im a scalpor i normally use 5min

4

Since you scalp, use higher TF like H1 and H4 to determine trend and then place your trade on lower TF.

5

looks like your TP is hit. Nice Win!

6

yea, and I’m cool with it.