Simon Alagbe identifies an ascending triangle pattern on USD/CAD's 4-hour chart and sets up a pending buy order at 1.41674 with stop-loss at 1.39690 and take-profit at 1.42346, expecting an upside breakout.
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Good day, my name is Alagbe Simon, a market analyst with Rally Academy. Today, the 22nd of April, we would be looking out for trading opportunity on USD/CAD. So we look at, um, the charts. This is USD/CAD on the 4-hour time frame. Okay, so I will add support and resistance to what I'm having here to enable me pick out some very important points of this instrument. Okay, so I have a support And then the resistance added. Let me pick the trend line to be able to connect some important points on this instrument. Okay, and let me also adjust this resistance by extending it with this horizontal line. Okay, then I pick this vertical line from this point and also extend as much as I want to. Okay, so if we consider this side, this side, as well as this side, we would see that the formation on our screen now is looking like that of a triangle. This is a right-angle triangle, and in this case, what we have here is an ascending triangle. And, um, whenever a formation like this appears on the chart, we expect the instrument to still trade within it until there is a breakout, either a breakout to the upside or a breakout to the downside. So for now, based on what we can see on this instrument at this time, we should be looking out for opportunity to make some money on the buy from where it is at this time up to this resistance around 1.142953. Okay, so we can have our buy trade somewhere around this price region, up to somewhere before the resistance, preferably somewhere at this point before the resistance. And then our stop loss should be below this weak support here. Have our stop loss below the this weak support. So let's quickly get to place the trade. We come to new order, we have our volume, then we come to pending order, expecting the instrument to buy and then continue to trade higher. So we have the price at 1.41674, so we have our trade. So we can also add our stop loss and then our take profit accordingly too. Modify or delete order. Then the stop loss is at 1.39690, and then our take profit is at 1.42346. So once this is done, we have a pending trade for you, a buy trade on USD/CAD. So we should be able to make some money buying USD/CAD today. So to have a clearer view on our take profits, this is on the 1-hour chart. This is our entry point. And this is our take profit. And on the 1-hour chart, we can see clearly that our take profit is at the recent high on this instrument. And very soon now, this buy stop trade will turn to a buy trade, and USD/CAD is going to give us some money on this buy. So let's also take advantage of this opportunity and make some money trading USD/CAD. Thank you.
