Hey Bros!!! Today is the 4th of October 2024, and here is a Trade for your favorite USDCAD pair!!!
So as always lets analyse today’s USDCAD chart,
Here we are with a fresh new week in a fresh new month. So as you can see the supply and demand zones that we drew in the previous week are still valid. So the price is currently in the demand zone that we have drawn and its perfect to enter at this point if the trade is a buy. So now lets quickly go to our AI prediction of how the price might be by the end of today.
AI Prediction
The mean value generated by Bro In Finance AI powered machine learning model is 1.39253. 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 says that USDCAD price may go up and potentially might even reach the supply zone once more. And yes we did miss the perfect place to enter this buy trade but still its almost at past the zone and its fine if we do enter right now. So lets setup our trade.
Trade Setup
- Type – Buy
- Entry – 1.39012
- Take Profit – 1.39241
- Stop Loss – 1.38736
This Buy trading setup aims to get in the trade at 1.39012 and exit at 1.39241 as TP with 22.9 pips and 1.38736 as SL with 27.6 pips, while having a 1:0.83 risk to ratio. And yes, if you pay a closer look you can see something common in the trade that we placed during these past few days. That is the TP and the SL are almost the same because we are trading inside two marked zones and still the price is playing inside this zones. So if and whenever either of these zones break, then our strategy changes. And as always the reason for the SL to be a bit higher is we need to be able to catch the previous low drop.
Important
- This trading setup is only valid for 4th of November 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.
