USDCAD | Swing Trade Update 1.4
Happy Friday my fellow puppeteers. How did everyone end the trading week? If you've been following me then you would have been in the money by the end of today, moved stops to break even and are happily sitting idly by waiting for the following week to take us into 2--6 R return.
As suspected, the false breakouts with bullish engulfing candles was nothing more than an attempt to take out retail traders out of their open short positions. If you were undercapitalized and played the divergence game then you've probably learned that it can mean quote the opposite- the market may continue to float to higher highs before turning. This is why using multiple entries and multiple exits as a money management strategy should be of prime importance. Don't pick tops or bottoms and go all in, ease your way with several orders until the direction is confirmed.
Happy pippin and we'll see ya'll folks next week.
I'll say it again. Patience is a virtue. If you have what it takes, follow me and trade your way to freedom
As suspected, the false breakouts with bullish engulfing candles was nothing more than an attempt to take out retail traders out of their open short positions. If you were undercapitalized and played the divergence game then you've probably learned that it can mean quote the opposite- the market may continue to float to higher highs before turning. This is why using multiple entries and multiple exits as a money management strategy should be of prime importance. Don't pick tops or bottoms and go all in, ease your way with several orders until the direction is confirmed.
Happy pippin and we'll see ya'll folks next week.
I'll say it again. Patience is a virtue. If you have what it takes, follow me and trade your way to freedom
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.