Before the start of the January 13 2025 trading week we called for USDCAD to make a move lower and showed our members the Elliott Wave bearish scenario. The USDCAD 1 Hour Weekend wave count below signalled to our members that the pair would move lower during the trading week.
USDCAD 1 Hour Weekend Update January 11 2025
USDCAD 1 Hour New York Update January 13 2025
The Elliott Wave count for USDCAD was bearish and there were other market patterns that also complimented this scenario. On January 13 2025 I posted the SELL “Sold USDCAD at 1.4416 Stop Loss at 1.4426 Target 1.4396” with the entry chart below. In the charts below, price clearly respected the bearish supply zone (Gray) and also respected the next bearish supply zone (Light Blue). Pulling back and tapping into the supply zone (Light Blue) I squeezed the trigger and SOLD when the candle broke below the previous bullish candle low. All these bearish patterns combined with our bearish Elliott Wave count above was enough for me to SELL USDCAD with confidence.
USDCAD 5 Minute Chart January 13 2025
Entered the SELL (Green) trade January 13 2025 at 1.4416 with a 10 pip tight stop loss at 1.4426 and several hours later USDCAD continues lower and the 1:3 Risk to Reward target hits at 1.4386 where I closed the sell trade for +30 pips +3% 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 lower.
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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