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USD/CAD Price Action

Posted on May 6th, 2015

by colibritrader

Dear Price Action Traders

The signal from yesterday is playing out quite nicely if you managed to enter. Although the direction of the trade and the trading idea were correct, I was looking to enter into this trade at a lower level, but the price unfortunately did not go that low. Anyways, for the ones of you who bought EUR/USD purely based on the signal, it has worked out pretty well. The pin bar attracted more people and pushed the price higher.

Today’s price action signal is coming from USD/CAD. I am looking at a bearish rejection that formed on the level of 1.9500, which is a major support level from January 2015. The price action pattern that formed is a pin bar. I will be looking to enter into a long trade at the level of 1.2015. The stop for this trade should be placed under 1.1925. My first target would be the level of 1.2200. The next level is 1.2400. But depending on how price action plays out, I will decide how long to hold this position. For more strategies on fine-tuning the entry, you might check my trading course.

Happy Trading,

Colibri Trader

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