I would like to show you trades that I and members of my Private Trading Course took today on the USD/CAD. Overall we had three long levels which were all based on Strong Initiation Setup. I like to trade using this setup when there was a strong trend development the previous day. After such a trend day I use my Flexible Profile on the “trend area“. Within this trend area, I look for volume clusters. Those are very strong support/resistance zones.
My first long level got hit right at the market open. The market opened with a gap exactly at my level which was really good confirmation of the level. Usually, markets tend to close such gaps which in this case would mean an upward movement resulting in profit. However, at that time my spreads were still pretty wide (as it is usual for all brokers at the market open) and for that reason, I didn’t enter this trade. As you can see from the picture below, the reaction was really nice.
The second and third levels were both nice winners. The first one was quite tight one, the second one made quite a significant reaction.
If the Strong Initiation Setup isn’t 100 % clear to you, go and check this short description video:
If you would like to learn & trade with me every day you are very welcome to join me here: Dale’s Private Trading Course
Happy trading!
-Dale
