Hello traders, apologies for the late post today has been a crazy day at work. But anyhow, here is the trade:
I went long U/CAD upon a 1HR Candle break & close above yesterdays high around 1.3800. Reason behind the trade is the bullish hammer / dragonfly doji (I don't really care about the name, so if I named the pattern wrong just bear with me) that formed at the extension support. The extension support also turns out to be 100 Moving Average support on the Daily chart and 20 Moving Average support on the Weekly chart.
First target is slightly below the 20 Moving Average, and the second target is slightly below the yearly highs. Stops are slightly below the Daily Chart 100 Moving Average. Good luck to all, and enjoy your weekends! =)
Weekly Chart:
1 Hour Chart:
I went long U/CAD upon a 1HR Candle break & close above yesterdays high around 1.3800. Reason behind the trade is the bullish hammer / dragonfly doji (I don't really care about the name, so if I named the pattern wrong just bear with me) that formed at the extension support. The extension support also turns out to be 100 Moving Average support on the Daily chart and 20 Moving Average support on the Weekly chart.
First target is slightly below the 20 Moving Average, and the second target is slightly below the yearly highs. Stops are slightly below the Daily Chart 100 Moving Average. Good luck to all, and enjoy your weekends! =)
Weekly Chart:
1 Hour Chart: