There is a long opportunity at market on the USD/CAD daily chart. Price is currently at previous support and RSI is oversold. I am expecting either a full uptrend or a significant retracement as bulls come into the market. Buy at around 1.2520 with stops at around 1.2450 and targets at 1.2990 and 1.3705. When the first target is hit, roll your stops to 10 pips above your entry price. If you get stopped out after your first target you still take home some pips
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I am trading this idea on my demo account, and still in it. The market has moved sideways for the last few days, probably because of the political uncertainty in the US. I haven't been stopped out yet, but only got a handful of pips to the green so far.
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This trade is still on. We are coming up on one month in the trade and that is because we are trading the daily chart on this one. I learned from this trade that I really don't like this long trades despite them being easier to get into with a limited time in front of the charts. Future ideas will probably focus on the lower time frames, probably 15 minute and 60-minute time frames.