On September 24 2023 I posted on social media, @AidanFX , a USDCAD 15 Minute chart signalling for buys on a dip lower.
BUY Trade Setup
1. Trending up on a higher high / higher low sequence signalling bullish bias.
2. Price has bounced off the first demand zone and a bullish divergence pattern signalling more upside for a newer higher high.
3. Price breaks above internal structure lower high (Black Line/ChoCh-Change of Character) signalling bearish weakness, a bullish market shift and confirming the move higher.
4. Wait and look for BUYS on the dip lower to the second demand zone.
USDCAD 15 Minute Chart September 24 2023 (Buy Setup)
USDCAD 15 Minute Chart September 25 2023 (Entry)
Price dipped lower to the demand zone and triggered BUYS. A divergence pattern also formed in the buy zone adding more confidence to the trade.
USDCAD 15 Minute Chart September 27 2023 (Target HIT)
Buy trade entered at 1.3454 with Stop Loss at 1.3434 and on September 27 2023 USDCAD moved higher to the proposed 1:4 Risk/Reward target (1.3534) where the trade was closed for +80 pips. (4% gain risking 1% on every trade)
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. If you followed me on social media you too could have caught the USDCAD move higher. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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