100 pip USD/CAD Bullish Engulfing Bar Trade

Here is a good example of a bullish engulfing candle trade. I took this trade last Thursday on the 14th. I noticed the candle and decided to put a buy-stop right above the high of that bar (blue arrow). I also noticed that the market was setting right on a very significant support area at 1.1950, which was used as support on the 6th of May, and on the 19th of April (green arrows). The candle pattern and the location of it played a very important part in my decision to take the long position on this one. I decided that the 1.2062 area would be a good take-profit zone, since that area has been heavily used as support and resistance in the past (orange arrows). The market obviously went a lot further than 1.2062, LOL, but there was no way to know this ahead of time, so I decided to just exit at this location. The stop-loss on this trade was placed at 1.1026, so about 50 pips. So the risk-reward on this trade was 1:2, since the profit was close to 100 pips. This trade is recorded in the Razor's 1HR Forex  Experimental Signal here and here.

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