Trade Update – USDCAD Supply Level on H4 [Closed with +100 pips]

Quick update on USDCAD trade [May 9th, 2016]

USDCAD-Supply-H4-1

 

Sell position opened at 1.29800.

Stop loss at the other end of our supply level i.e. 50 pips.

Take profit 100 pips.

Currently sitting with about +65 pips.

 

A closer look at the chart and TP position..

USDCAD-Supply-H4-2

 

The great thing about this level is that it has been proven with an earlier touch. Plenty of space for movement in our desired direction. And a good risk to reward ratio.

Our Take Profit is set at the first area where price could find support. It’s found to be an area of influence, historically.

 

Updates to follow..

[update: May 11th, 2016]

We reached our TP.

USDCAD-Supply-H4-3

Happy Pips!

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