A clear and concise long on USDCAD. I'm not the most frequent user so I missed the ball on posting this ahead of time. With markets opening back up today, profit targets were met.
This is a very basic strategy / concept that I'm sure most beginners would get to grasps with. The key is, of course, using the R:R to stay above a threshold with losses.
Confluences -
- Bullish Trend
- Daily Momentum To The Upside
- 50 EMA & 200 EMA Cross
- Pullback To 2H / 4H Demand Zone
- Pullback To 50 EMA
- 30M Trend line Breakout To The Upside
Profit target was up at the high. A fib Extension could have been used but I'm not the biggest fan of fibs at the moment.
Analysis Sources -
- https://www.tradingwithrayner.com/moving-average-indicator-trading-strategy/
- https://forexbrokerreport.com/the-200-ema-forex-trading-strategy/
Interested to hear feedback on this trade - was there any confluences I missed? Positive or negative.