USDCAD - Long setup after finding support in channel

14 Ara 2016

USDCAD made an impressive move higher today after finding support at the bottom of the channel shown in the chart above. Using yesterday's huge bullish engulfing candle as confirmation this is likely a good entry point for a long position.

14 Ara 2016

İşlem aktif

Position opened at 1.32884

15 Ara 2016

Not

SL move to BE plus a couple pips to cover costs

22 Ara 2016

Not

SL adjustment: 1.334

Price has made it halfway to the top of the channel and is entering "congestion" where price recently found resistance. In the event of a quick reversal here, this will at least turn a profit after trading costs.

27 Ara 2016

Not

SL adjustment: 1.338

Didn't check this chart yesterday but price continues to rise. So, the SL is being manually trailed. Another adjustment will likely be due at the end of the trading day.

28 Ara 2016

Not

SL adjustment: 1.342

28 Ara 2016

Not

SL adjustment: 1.346

USDCAD is losing momentum as it nears the top of the channel.

29 Ara 2016

İşlem elle kapatılmış

200 pips is good enough for me.

Trade closed manually at 1.34913