Knife Catch Long for 50 pips

Pullback to the daily ATR-ADX stop, other instances of retest of this stop circled. $UWT $DWT $DXY

Kommentar:

Looking to place stop buy limit on previous 1HR candle high to get in a trade, I see max downside the 50% pitchfork line.

Kommentar:

Also very close to backtesting this cyan ascending line.

Kommentar:

Managed to come down to that blue trendline. Still waiting on a high break of a previous 1 hour candle. RSI on 4HR is oversold now (bottom indicator).

Kommentar:

In my opinion this will be a larger long eventually as gauged by the attached post in the Related Ideas section. It's a big weekly level trade.

Kommentar:

Here are CAD futures continuous, possible scenario I see. There is daily decay in currency futures (and all futures) compared to the spot price but same idea.

Kommentar:

Zoomed in a little for clarity.

Trade ist aktiv:

Broke high of a previous 1HR candle @ 1.3150. In long.

Kommentar:

CAM weekly (camarilla) S4 also helped here. Notice that the range this week for USDCAD is perfectly CAM Weekly R4 to S4.

Kommentar:

Target @ 1.3200 still in play, moved stop to break even. Half way there.

Kommentar:

Moved stop to 1.3170. 20 pips profit no matter what at this point.

Kommentar:

2 pips to target... and a back off. Moved stop to 1.3175.

Kommentar:

Stop updated to 1.3185.

Trade geschlossen: Ziel wurde erreicht

Kommentar:

1.32000, out.

Kommentar:

I will be flipping back short again in about 2 minutes. Stay tuned.

Kommentar:

Went short at Weekly CAM R3 and Day CAM R4. See this post: