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USD/CAD analysis on H1 time-frame by a Forex Fund Manager of Keon Consultancy | Sep 4, 2020

USD/CAD already has a prevailing downtrend which is most likely to continue after ABCD retracement shown on the chart. We entered a sell trade as soon as market penetrated below the low of the engulfing candle shown on the chart.

RSI (period undisclosed for privacy of trading style) crossed already below 50 to confirm a downswing. This swing may lead to making a fresh new low in USD/CAD, however, we are exiting early at just FIB61.8 as it's Friday.

We have moved SL to BE while writing this analysis, so the trade has already become risk-free.


2 commentaires
07 sept. 2020

USD/CAD had hit the Fib61.8 target.

06 sept. 2020

Having seen the volatility and close proximity of current price then with SL, we removed SL to avoid getting stopped out by any spikes or temporary price action. However for risk management, we decided to close the trade if the price closes above high of the engulfing candle.

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