FREE
Get exclusive lessons, trade breakdowns and development plans in your inbox weekly for free
Sign Up →

July 30, 2020

USD/CAD Trade Analysis - 27 July 2020

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.

If you would like to learn more about how to find trading opportunities using The Duomo Method get started on our free introductory course.

You can also join our full course and premium membership to get access to our live streams, full comprehensive course and much more.

go  top