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My USD/CAD Long Entry

Posted on Mar 17th, 2015

by colibritrader

Signals

Dear Price Action Traders,

Today I would be very quick and to the point. I am looking at the candlestick chart of USD/CAD. What I am seeing there is not a particular setup, but a psychological trading signal. The price has been holding just above the resistance area at 1.2750 for a few days already. It is a very major resistance area and if price has not been pushed down below this level it gives me great food for thought. I believe that holding at this level might mean only one thing- buyers are accumulating. On top of that, there have been two little indecision small spinning tops. For this reason, I believe that price is going to continue its uptrend.

I am thinking of getting into a long trade at 1.2760. My stop loss would be placed just under 1.2600. My primary target is the level of 1.2900 and then 1.3000 (the psychological barrier).

Happy Trading,

Colibri Trader

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