USDCAD – Live Price Action Trade At LLT +100 Pips in Profit | Sep 1
USDCAD – Buy Trade At LLT Up +100 Pips, MT Still Bullish (4hr chart)
A lot of members in the course were asking about this potential LLT trade so I wanted to share my trade on this one. I’ve been bullish on the USDCAD for some time in the members trade setups commentary, and we had a nice LLT setup yesterday.
I placed my order at 1.3150 as the last two touches back on August 24th were just a few pips below 1.3150 (red arrows), hence I made that my trade location.
After forming an inside bar at this level, the pair bounced, sold off on today’s CAD numbers, held, then has bounced since now up about +100 pips since.
My initial SL was below 1.3100. Why there? I felt like with the increased volatility this week (and last), I wanted to give my trade a little buffer, so put it at 1.3096.
If I wanted to be more conservative, I’d put it below 1.3060 which was the base on Aug 20/21 before making a new swing high.
My target is in the high 1.33’s, hence offering me +225 pips on about a 53 pips stop, or +4R. Currently I’m up about +1.75/2R so will be locking in profit shortly along with neutralizing the risk.
We’ll need to clear the 1.33 handle if it’s going to hit the August highs, but am staying ST/MT bullish while above 1.3150 on a daily closing basis.
Check out my latest article Trading Psychology: 5 Unique Insights From 10,000 Mantras {Must Read}
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book
Related Article
-
Max Ahartz
