Stopped out trading the USDCAD
Today was another one of those days where the market didn’t want to play. As a frequent visitor to the markets, this kind of thing happens all the time.. there is no such thing as a sure trade as the markets can do absolutely anything.
Anyway, here was my trade today, I took the long trade as the price of USDCAD bounced off the moving average. Price action looked strong and I was looking to take this up to 10400 and a relatively tight stop. Looked like a great trade…
Unfortunately, the market had other ideas and did this instead…
I ended up taking a 25 pip hit.. bit annoying but that’s the nature of trading!
Too close to the top of a triangle on larger time frames for me to put in a buy order. In my humble opinion 1.4030 would be a better bet. However, oil fundamentals are sketchy at best given current mideast instability. Also the market is to volatile for scalp trades based on S&R and candle stick patterns alone at this time. The hangman that preceded the engulfing bull candle would have kept me out of this trade.
Hi Brian, thanks for that. I was trading the short term with this one and looking to take it to around 10400