EURCAD before BoC!
EURCAD is loading longs to break the current key level before BoC Interest Rate Decision(Jul 15),
BoC Interest Rate Decision is announced by the Bank of Canada. If the BoC is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive or bullish for the CAD. Likewise, if the BoC has a dovish view on the Canadian economy and keeps the ongoing interest rate or cuts the interest rate it is seen as negative, or bearish it more likely to remain the same.
Risk Management Alert:
The meaning of second target (Always take 60% profit of your first target and keep your 40% running to second target, in this case if any reversal happens your safe and secured,
to make this better, move your stop loss to STOP PROFIT which is above your entry level of 10-15 pips after hitting your first target, and up to you as long as it not negative, This way you don't regret holding or exiting early.
That’s 75% Profit from your idea or mine :D, Why this is good, Let's say you exited early, now you will be looking for another entry in this case you not sure if this is a reversal or a continuation of a trend and TRUST ME its not Easy to find.
Most of traders just throwing ideas without explaining why, how, and when... they just draw some beautiful butterfly's, sea-waves, waterslides, matrix moves, EVEN Some HOLY GRILL indicator, at the end all comes to risk management and key levels, markets will always do what they want to do.
Good luck.
BoC Interest Rate Decision is announced by the Bank of Canada. If the BoC is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive or bullish for the CAD. Likewise, if the BoC has a dovish view on the Canadian economy and keeps the ongoing interest rate or cuts the interest rate it is seen as negative, or bearish it more likely to remain the same.
Risk Management Alert:
The meaning of second target (Always take 60% profit of your first target and keep your 40% running to second target, in this case if any reversal happens your safe and secured,
to make this better, move your stop loss to STOP PROFIT which is above your entry level of 10-15 pips after hitting your first target, and up to you as long as it not negative, This way you don't regret holding or exiting early.
That’s 75% Profit from your idea or mine :D, Why this is good, Let's say you exited early, now you will be looking for another entry in this case you not sure if this is a reversal or a continuation of a trend and TRUST ME its not Easy to find.
Most of traders just throwing ideas without explaining why, how, and when... they just draw some beautiful butterfly's, sea-waves, waterslides, matrix moves, EVEN Some HOLY GRILL indicator, at the end all comes to risk management and key levels, markets will always do what they want to do.
Good luck.
Feragatname
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