Simon Alagbe sets up two pending orders on USD/CAD ahead of U.S. durable goods data: a buy stop at 1.41230 and a sell stop at 1.40559, each with 20-pip take-profit targets. He uses Fibonacci levels on the 4-hour chart to identify entry points.
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Good day, my name is Alagbe Simon, a market analyst with Rally Academy. Today, the 24th of April, we will be looking out for trading opportunity on the instrument USD/CAD. Okay, so this is our MT4 and this is USD/CAD on the 4-hour chart. But before we look at, um, the technical side, I also want us to quickly look at the fundamentals. This is on forexfactory.com. PM GMT+1, um, there are 2 very important economic data that will be coming out from the United States. That's the core durable goods as well as the durable goods orders. So we need to pay attention to This very important data by this time. Okay, so let's get back to our charts. This is still USD/CAD on the 4-hour chart, and I want us to use Fibonacci to be able to get the point of retracement on this instrument. Let me quickly pick that. Um, this is the recent low, straight up to the recent high on USD/CAD on 4 hours. So looking at it here, we would see that USD/CAD retraced up to the 50% level and, um, struggled with the 38.2% level before also trying to approach the 23.6%. So it's currently on the 38.2% and it's still expected to retrace as much as Um, retesting the 23.6. So let's get to the 1-hour chart to be able to pick our entry point on this instrument. So we are looking out for bullish opportunity, that's buy opportunity on this instrument for today, pending the release of those key economic data from the United States. So let's check on the 1-hour chart. Okay, so this is USD/CAD on the hourly chart. Okay, so we should be looking out for buying opportunity on this instrument. And, uh, per adventure this instrument also go below the 38.2% before touching this price level where we will be setting our pending buy order, then one should also be considering a sell from around this price level. So we are going to set the 2 pending orders on this instrument, the buy stop from this price level as well as a sell stop from this price level. So we would be targeting around 20 pips from this entry price. So let's quickly get to set the 2 pending orders. So we come to New Order, we adjust our volume to 0.05 plus, um, your capital. We switch this to pending order. Then we select— let's start with the buy trade, the buy stop on this instrument at price 1.41230. So that's, um, the price at which we are looking at buying this instrument. So we place the trade. So we have the pending buy trade on USD/CAD at this price level. So let's quickly adjust the take profit on it also. So we right-click on the trade, we select modify or delete order. So this is our take profit. We are looking at 20 pips away. So 20 plus 141230 plus 200 will give us 1.41430. So this 20 pips from this price level. So we modify that and we have our TP. So this is the TP line waiting for this buy trade to be triggered, and then our profits will be taken at this point. So let's also quickly place, um, the pending sell trades too. Okay, so we have our volume, then go to pending order, then change this to a sell stop at this price level, 1.40559. Okay, so we have that also. So we do the same thing, modify or delete other. Then we have our take profit. At this time, we deduct 200 from this price level, that's 1 point 40359. 40359. So modify. Okay, so we've been able to trap USD/CAD, and definitely one of these 2 is going to give us some money on this instrument today. So let's make some money off USD/CAD today and have a very great day. Thank you.
