On September 28 2021 I posted on social media @AidanFX “USDCAD as long price stays above 1.2666 the pair can still push higher towards 1.2720 area.“
The chart below was also posted on social media @AidanFX September 28 2021 showing the possible bullish scenario. Price is in a Demand Zone (grey box) signalling traders that this is a key area where bulls/buyers are waiting to possibly push the pair higher. Multiple bullish divergence patterns also formed in the Demand Zone adding more reasons to go LONG USDCAD. Entered the BUY trade at 1.2676 with a tight Stop Loss at 1.2666 and Targets are at the 1:2 RR minimum with full target at the 1.2720 area.
USDCAD 5 Minute Chart September 28 2021
Price continues to bounce off higher from the Demand Zone and continues to form more bullish divergence patterns in the same demand zone. USDCAD eventually moves higher and on September 29 2021 price hits the 1:5 RR target at 1.2726 from 1.2676 for +50 pips and a +5% gain (risking 1%) added to account. 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 5 Minute Chart September 29 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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