USDCAD Intraday Analysis and Trading Plan For June 18, 2024
Rafael Ken Aguilar
USDCAD·
Jun 18 2024
Stop Loss -0.36%
Holding time 2d4hr
1.37449
Entry price
1.36950
Stop loss price
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.