So very similar to my last trade, I was bullish on the CAD, and liked the idea of jumping in on another pullback. Here's what I sent out to members inside the private group:
So I took the trade... and sure enough the bull rally continued! Shortly after, I was moving my stop to break even.
Once price rallied to the previous high, I started to trail my stop loss. Here's what I sent out to members:
Sure enough, it rallied a bit past this level on fresh CPI news out of the US (which, due to the CHF and CAD's relationships to USD respectively, caused the pair to spike higher). From here, I aggressively moved my stop loss higher, in case there was a spike the opposite way as we often see post news events.
In the end, the trade was a great winner. Closing out at about a 4 to 1 risk to reward. Meaning, for every $100 I risked, I ended up making $400. Not a bad way to start the week!
For full transparency, my trades are NOT always this good. I took a loss shortly after this on AUDUSD, which resulted in a -$550 loss. Here's what I thought would happen! (I ended up getting spiked out of the trade on a stop loss. Frustrating, but part of the game sometimes!)
As this week comes to a close, we are looking ahead at future setups that could be some of the best opportunities for the next several trading sessions. Here are some pairs for next week that we are looking at. EUR/JPY Recent data has shown a slow down in the German manufacturing sector. With European […]
When it comes to testimonies, it's all in how you say it. Jerome Powell has to be very particular in the way he makes his statements and answers the ensuing questions. Here is what might be in store for the market in the coming days and weeks, and whether or not there will be more […]
The historically 'safe' currency to hold in times of recessions is in a unique situation now with a couple factors in place. Here is why the yen is stronger today as well as some trade setups that could push its value either up or down. Weaker Yen Now, Stronger Yen Later The Bank of Japan […]
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