USDCAD LONG MOVING CLOSER TO 1st TARGET
Update on my USDCAD LONG trade, the latest trade placed on March 12th @ 1.28362, right before the trendline break which I had previously wrote about here. Price subsequently broke above that trendline and I placed an additional LONG order @ 1.29675. As of this writing I'm sitting on +190 pips, having already pocketed +350 across several lots from the beginning of the Bullish trend change. I wrote about that here and here.
Right now I'm about 70 pips from target and it might be asking a lot from the market to get there today. 20 period ATR is 94 pips and price has moved about 30 points already today. Depending on how we end the day I might cash out on one lot and move my trailing stop up to break-even.
Keep in mind that we are in overbought territory so proceed with caution. It also looks like the MACD might be putting in some divergence above the zero line.
Right now I'm about 70 pips from target and it might be asking a lot from the market to get there today. 20 period ATR is 94 pips and price has moved about 30 points already today. Depending on how we end the day I might cash out on one lot and move my trailing stop up to break-even.
Keep in mind that we are in overbought territory so proceed with caution. It also looks like the MACD might be putting in some divergence above the zero line.
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