USDCAD Intraday Analysis and Trading Plan For June 18, 2024

Launch Chart
Rafael Ken Aguilar
USDCAD
·
Jun 18 2024
Stop Loss -0.36%
Holding time 2d4hr
1.37449
Entry price
1.36950
Stop loss price
snapshot
1
1
USDCAD’s bullish 4H FVG mentioned in my July 11 analysis has become a buy order block keeping the upward momentum intact.

Happy Tuesday.

As a result, my June 11 long trade plan has exited in a loss after holding for 2 hours only:
https://www.finlogix.com/analysis/20240611/usdcad-intraday-analysis-and-trading-plan-for-june-11-2024

A new overall record of 2 wins and 7 losses.

Happy Tuesday.

Upcoming High Impact Economic Reports

There are 5 remaining high impact data releases in the US starting tonight while there is none in Canada this week.

Intraday Analysis

Re-assessing USDCAD’s high timeframe candles:

Yearly Candle: Still a Green Body with a Longer Head Wick since last check
Monthly Candle: Still a Green Body since last check but with a Longer Head Wick
Weekly Candle: Previous close is a Red Long-Legged Spinning Top current is a Green Spinning Top
Daily Candle: Previous close is a Red Long Upper Shadow current is a Green Body with a Longer Tail Wick

Note: I’m using Tradingview.com under the USDCAD pair in FXCM Exchange to thoroughly re-assess these high timeframe candles.

The June 11-12 swing high to low move are our retracement points of view for today.

These retracements are formed after the mentioned bullish 4H FVG has been completely retraced, becoming a buy order block instead.

From these retracements also, we have a bullish main trend that can potentially target up to the 1.3860 level while a bearish counter trend targets the retest of June lows at the 1.3610 level.

In addition, last week’s price action has formed a new lower high trendline since June 11’s peak and intraday’s dip has created a higher low trendline also.

These trendlines create a local symmetrical triangle in which USDCAD can go higher or lower according to the winning trend’s price direction.

However, the current main bullish trend can proceed a continuation to the upside.

Trade Plan

Even though my quick stop loss in my previous trade plan has been hit right away, I still prefer to trade in the main bullish trend’s direction.

Intraday’s dip was confirmed by a 4H red hammer after discount array orders have been filled.

I like to enter a long position through the current 4H green hammer with a take profit target through a complete breakout on the local lower high trendline.

In case the counter trend retaliates, I will put the stop loss within the buy order block’s mid point.

Here’s the new long orders to play this out:

Buy Entry: 1.37450

Stop Loss: 1.36950

Take Profit: 1.38200

Risk to Reward Ratio: 1.50

Conclusion

Good luck on this one.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.