Hey Bros!!! Today is the 30th of October 2024, and here is a Trade for your favorite USDCAD!!!
So as always lets analyse today’s USDCAD chart,
Yesterday, the highest the price peaked at was at 1.39280. Then the price dipped a bit down to 1.39045 – 1.39100 range marking it a good support. As of today the main Pivot Point has also created its P point close to that support reassuring our predefined range. So far the price is yet to touch the support again. And now lets look into our Bro In Finance generated mean value for today.
AI Prediction
The mean value generated by Bro In Finance AI powered machine learning model is 1.39280. Our model analyse historical data, historical trends, market data and price movements to provide a better prediction with higher accuracy.
So according to our model, it suggests that the price will go up and retouch the yesterday’s peak which was marked at 1.39282. Therefore, the best place to enter for this trade is within the range that we marked in our chart analysing above.
Trade Setup
- Type – Buy
- Entry – 1.39080
- Take Profit – 1.39280
- Stop Loss – 1.38730
This Buy trading setup aims to get in the trade at 1.39080 and exit at 1.39280 as TP with 20 pips and 1.38730 as SL with 35 pips, while having a 1:0.57 risk to ratio. And yes, the SL is higher than the TP this time but that is due to the next support level is at S1 and we should be having a SL that is capable of covering such a drop.
Important
- This trading setup is only valid for 30th of October 2024. And it is advised to close the trade by the end of the day is either the Take Profit or the Stop Loss is not hit.
- Only enter the trade if the price do hit the entry or else dont adjust the entry to get in the trade quickly. Because doing so result in trade inconsistency which leads to Bad Trades.
- Its always better to have the 15 mins chart and the 1 hr charts opened to get insights due to its clarity on how the price actually move. While the 15 mins chart shows you the changes in a shorter period, the 1 hr chart captures the overal movement. We do not recommend trading on anything less than 15 mins chart because it can sway you in your judgements with sudden price movements. And same thing goes to anything larger than 1 hr chart because we are aiming to hit day trades.
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Disclaimer: Forex trading carries significant risk and may not be suitable for all investors. This analysis, based on Bro In Finance’s proprietary data, is provided for informational purposes and should not be considered investment advice.
