Hey Bros!!! Today is the 31th of October 2024, and here is a Trade for your favorite USDCAD pair!!!
So as always lets analyse today’s USDCAD chart,
As you can see we have marked two zones, Supply and Demand zones. So yesterday the price has reached the top and entered the supply zone and declined to the demand zone. However, the USDCAD pair did experienced a slight liquidity grab before retesting the demand zone. Then it gradually started to climb its way and gain momentum to potentially reach the supply zone once 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 1.39299. 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 reach the supply zone that has been created. And now we have to pick the best entry postition for this trade. In the above diagram we have marked the buy zones. So we did missed the 1st chance when it was in the demand zone but now we have to be patient hoping that the price will retest the demand zone atleast once before it reach the supply zone again and thus reaching the generated mean value. So lets setup our trade.
Trade Setup
- Type – Buy
- Entry – 1.39068
- Take Profit – 1.39290
- Stop Loss – 1.38728
This Buy trading setup aims to get in the trade at 1.39068 and exit at 1.39290 as TP with 22.2 pips and 1.38728 as SL with 34 pips, while having a 1:0.65 risk to ratio. And yes, the SL is higher than the TP just like teh trade that we placed yesterday. This 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 31th 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.
