Pinbar setup on the USDCAD Daily chart

A pinbar usually shows strong buying or selling. That, alongside the direction of the trend is usually a good entry to get into a trade. I went long the USDCAD on the break of the high of the pin at 10296 with the stop at the low of the pin at 10210. Therefore I am risking 86 pips. I would like to target 2x risk which gives me a target of 172 pips but as a minimum, I would see what happens when (and if) my trade reaches 86 in profit.

The weekend is here and I’m going to let the trade run it’s course.

Zoomed in USDCAD chart showing the stop and entry…

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Category: Forex trader, Forex trading, Trading