On July 14 2021 I posted on social media @AidanFX “USDCAD will push higher towards the 1.2574 – 1.2614 area. Look for BUYING opportunities.“
The chart below was also posted on social media @AidanFX July 15 2021 showing the possible bullish scenario. Price bounced off the Dynamic Support 200MA which also formed a bullish divergence pattern. The area of the bounce was also in a Demand Zone (purple) signalling traders that this was a key area where bulls/buyers were waiting. Entered the BUY trade at 1.2524 with Stop Loss at 1.2494 and Targets at the 1:2 RR minimum with full target at the pitchfork upper line.
USDCAD 1 Hour Chart July 15 2021
USDCAD eventually moves higher and on July 19 2021 price hits the pitchfork upper line target and 1:5 RR target at 1.2674 from 1.2524 for +150 pips. A trader should always have multiple strategies all lined up before entering a trade. Never trade off 1 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 @AidanFX 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.
USDCAD 1 Hour Chart July 19 2021
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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