A few minutes back, I entered a USDCAD trade. It hit my first target and then came back down and got stopped out break-even.
I am trying to re-enter as I think this is the point where it will start going up.
This is a risky trade as we just had the NFP with a huge DXY jump followed by a massive retrace. And since, DXY has been very choppy.
But the result was good so normally we should see continuation after things settle down.
Also, a strong support zone has been created so hoping I can catch the bottom and ride this trade up, assuming it goes up.
To reduce my risk, I lowered my lot size as well, just in case.
Anyway, this aligns with my analysis from last weekend. And I've been looking for entries as I keep missing them as I'd been focused on other pairs all week.
I've linked my analysis below in case you are interested to see why I am looking for USDCAD longs.
Let me know your thoughts.
Trade Safe!
HEET
ps. I generally post alot of updates as the idea/trade evolves. If you want to stay updated, please click the "Follow this idea" button.
I am trying to re-enter as I think this is the point where it will start going up.
This is a risky trade as we just had the NFP with a huge DXY jump followed by a massive retrace. And since, DXY has been very choppy.
But the result was good so normally we should see continuation after things settle down.
Also, a strong support zone has been created so hoping I can catch the bottom and ride this trade up, assuming it goes up.
To reduce my risk, I lowered my lot size as well, just in case.
Anyway, this aligns with my analysis from last weekend. And I've been looking for entries as I keep missing them as I'd been focused on other pairs all week.
I've linked my analysis below in case you are interested to see why I am looking for USDCAD longs.
Let me know your thoughts.
Trade Safe!
HEET
ps. I generally post alot of updates as the idea/trade evolves. If you want to stay updated, please click the "Follow this idea" button.
The one thing that worries me the most is that a LTF H&S pattern has formed. Also, CAD seems to have gained quite a bit a strength too.
I'm losing confidence in this trade. And its Friday. But still hoping I can end the week on a high note.
Still contemplating another reentry...