USDCAD LONG

Nov 13, 2022

USDCAD LONG

Why are we entering?
- Expecting CAD weakness & USD strength
- We are forming wave 3 subwave 5, microwave 1
- We are expecting price to reject our 0.618 fibonacci and wave 4invalidation zone

What is our confirmation?
- Rejection from our buy zone
- Break of WFB

Entry
- Safe Entry: Rejection of our buy zone with a break of our WFB
- Risk Entry: Rejection of our buy zone
- Risk Entry: Early break of descending WFB

Once entered, where will our Stoploss be?
- 30 pips below our 0.618 fibonacci: below 1.317
- Move SL to BE after running 30 pips

Where do we take profits?
- Secure profit multiple times along the way (30 pips, 60 pips, 120 pips, 200 pips)
- First TP - Previous high: 1.398 (780pips)
- Second TP - -0.27 fibonacci level: 1.425 (1050pips)
- Final TP - -0.618 fibonacci level: 1.46 (1400pips)