Lower Highs = Lower Lows
Updated
On Oct 9 the USDCAD put in a high of 1.3350 that has not been breached. Moving forward to the last 2 weeks I see several weak attempts to take out 1.3350. I suspect the 1.3350 is peak formation high, and this area is being defended by Big Players, hence lower highs, I am short at the 1.3302 with a stop loss at 1.3337 and several take profits at 1.3203, 1.3130 and 1.3050. I believe this trade offers an excellent risk to reward and a compelling reason to short.
Comment
1st target reached, move stop to even, I have closed out this trade and will wait for a pullback to get short again. BTW those who took this trade never had more than a 20 pip draw, compared to a 100 pip profit. A nice 5 bagger to start the month.
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