CAD/CHF this week had an incredible run up, as the CAD strengthened against most currencies. Fortunately, I was able to catch some of the action. This was the trade I needed, since I have been in a bit of a drawdown recently. Here's a snapshot of some of the recent trades I've had before this one...
Not so glamorous, right? In total, I took 6 losing trades prior to this one CAD/CHF runner. And the crazy thing? I still somehow managed to earn a profit! 6 losses, 1 win, still profitable. How is that possible? Let's discuss it!
This week, I had my eye on the Canadian dollar, after last week the Bank of Canada reported their plans to start tapering off the money printing, as they see things recovering well overall for their economy. This to me was a bullish catalyst that was worth buying, but I needed a good entry. So here's where the technical analysis comes in.
After the sharp rally, we finally started seeing a proper pullback to demand. Finally, I had my chance. So I took a buy, with a stop loss below. Here is a snippet of the trade alert sent out to members in our private VIP group:
So, I took the trade and though it started slow, price started pushing off this zone nicely. Once it had rallied back to the highs, I started trailing my stop loss up.
This is where things got tricky though... but actually ended up making this trade the big winner that it was. Price started to pullback, and I added to my trade that was in profit. I sent out the alert to members inside of our VIP group that I was officially adding MORE to my trade, as seen below.
At this point, the secondary entry was just as good as the first, and the trade ran its way back to the previous high - this time with 2 profitable trades running on it. At this point, my trade was racking in quite the return.
At this point, I also locked in my stop loss just below structure. Some time after, price started to reverse, and ultimately tagged me out of the trade for a grand total of $3,576.40 on the trade.
Of course, not every trade is this good, but it really does only take one good winner to earn back losses and more. Happy to close out the week with a nice profit, and looking forward to more opportunities next week.
If you would like to trade with me and the rest of our analysts at A1 Trading, you can sign up for our private discord group where I share all of these trades. Use code READER for a $5 off our monthly or yearly membership, or 25% OFF our Gold membership. Have a nice weekend!
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