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!)
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