By Connor Ballinger, a member of the Duomo Team supporting our Premium Members. This market was covered in detail in a live stream inside our Members' App. This was a break down for USD/CAD trade opportunities on 27 July 2020. This is a recap of a live stream session for Duomo Method members on 29 July 2020 breaking down a USD/CAD trade from 27 July.
The higher time frame analysis for this trade was based on the fact that the price had already broken through a significant level on the daily time frame. The time of entry was around 7pm (3-hours to the daily close) and the price was around 20 pips past the level, at this point trading back towards this area for a Type 2 close is reasonable.
The criteria used for the entry was based on the 15-minute time frame and can be seen in the screenshot below. Type 1 close on the trend line, Type 2 close on the 127.2 Fibonacci extension level. Also at this point in time, we had already closed as a Type 1 on the hourly variation of the swing low seen below.
The result of this trade was a loss, however, the logical reasoning behind the entry is consistent with my trading system that is long-term profitable and is therefore a profitable situation.
A full breakdown of this trade was provided to members and a replay is available now inside our app.
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