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Action: Buy / Long
Duration: Order to last till end of week of 7 Mar 10; trade to last max 2.5wks
Risk-Reward Ratio of Trade: x2
Justifications:
Weekly Chart
Clear Range Bound Trading since Sep-Oct period
Daily Charts
1. Reinforcement of Range Bound (trade from support to resistance and vice-versa)
2. Rebound Count off Support is #3
3. Orders on daily candlesticks show little orders below current support i.e. downwards momentum dying
4. Trade risk-rewards capable of hitting the next resistance level
5. Stochastics and RSI showing textbook reversal
Just saw another Trading Signal Blog with a similar trading plan for USDCAD. :)
ReplyDeletehttp://www.integrityfxplus.com/index.php/2010/03/08/day-trade-signal-long-usdcad-market-now-1-0277/