USDCAD Long 06 May 2020: +1.85R Profit

My bias for USDCAD turned bullish when it broke above its downtrend line and traded above its 20ema line. I placed a buy order to go long when USDCAD retraced down to its 20ema and tested its support at 1.4019.

USDCAD 4-Hour Chart

My order was filled at 1.4035 on 06/05 14.00hr with SL and TP orders placed at 1.3985 (-50 pips) and 1.4150 (+115 pips) respectively to set the trade potential reward/risk ratio at 2.3.

Later on I moved my TP order higher and closed half of my position at 1.41501(+115.1 pips profit) on 06/05 23.25hr.

I then moved the SL order higher for my remaining position and it was hit at 1.41047(+69.7 pips profit) on 07/05 14.03hr.

It was a good trade completed within one day for an overall 1.848R profit.

Disclaimer:

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.