Trading plan for when it reaches the towards monthly red level - As red level is also in confluence with Fib 1.618 of the 1st wave Expecting price to bounce off this level for a pullback. TP1 target at Fib 23.6 retracement for about 130 pips (if CAD is still strong) but lower R:R or TP2 at Fib 38.2 at about 200 pips for better R:R; relative to your risk appetite for your SL.
**Note that price could also spike/ditch way lower than last comparable low to create a bullish price action bar/bars, so if one is aggressive and takes a Buy Limit at the red level, one must be able to withstand the draw down if that happens. Those with low risk appetite should wait for a bullish PA before entering.
(*remember that resistance is a zone, not just a discrete number, last comparable low was 0.83222).
After that if bearish PA shows up please refer to previous trade plan at
**Note that price could also spike/ditch way lower than last comparable low to create a bullish price action bar/bars, so if one is aggressive and takes a Buy Limit at the red level, one must be able to withstand the draw down if that happens. Those with low risk appetite should wait for a bullish PA before entering.
(*remember that resistance is a zone, not just a discrete number, last comparable low was 0.83222).
After that if bearish PA shows up please refer to previous trade plan at
トレード稼働中:
TP1 (at Fib23 retracement) hit.
May the wave be with us!