THIS PAIR IS MAKING ITS WAY NORTH SO I BOUGHT THE ROLE REVERSAL SUPPORT AT MPP, WITH A TARGET OF MM4 IN MIND.

USDCAD DAILY

MARKET IS BULLISH, 21 IS ABOVE THE 55. PRICE HAS JUST BOUNCED OFF MMP ROLE REVERSAL SUPPORT. IF PRICE ACTION KEEPS HEADING NORTH THAN BULLS THAT BOUGHT AT MPP WILL AIM FOR MM4.

USDCAD DAILY POST TRADE PLAN ANALYSIS

MY PLAN ON THIS CHART WAS TO BUY AT ROLE REVERSAL SUPPORT WHICH I DID. TECHNICALLY THE PLAN WAS WELL EXECUTED, HOWEVER BULLS SOLD PRICE AT MM3 RESISTANCE. PRICE HAS BROKEN THROUGH SUPPORT AND THE TRENDLINE I DREW. NOTE THAT PRICE IS STILL ABOVE THE 200 EMA. MY TRADE WAS KNOCKED OUT AT BREAKEVEN. I AM BULLISH ON THE DOLLAR BECAUSE THE FED IS STILL FORECASTING MORE INTEREST RATE HIKES SO I WILL LOOK FOR SUPPORT AND TRY AGAIN.

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