USDCAD - Bullish Wolfe Wave

Below is the 1 hour USDCAD chart. We see from the pivot points that price is currently at the weekly support level 1 of 1.0190. It seems like this support level is holding up quite well. Also note that price is currently in the 'Sweet Zone'. So we'll wait for price to move up before entering the trade.

USDCAD - Bullish Wolfe Wave

Ideally, we will look at price to reach above today's support level of 1.0211. Price could come back to retest this zone, so on the retracement we'll enter long with take profit 1 set at 1.0237 followed by 1.0276 which marks the weekly resistance level. However, the Wolfe waves are a bit too steep, so we'll take this trade with caution and try to book our profits at key levels.

Ideally we could open 3 standard or mini lots and close 1 lot at each of the three levels. We will also be moving our stops.

Trade Recommendation

Pending BUY Order
BUY at 1.01960
Stop Loss 1.0190
Take Profit 1: 1.0211
Take Profit 2: 1.0237
Take Profit 3: 1.0255
Expected Time: 29th March 2013

Note: If by the expected time price doesn't come closer to the TP levels, then use judgement and close the trade.

Conclusion: Stopped Out
P/L: -6 Pips