Forex portfolio: USDCAD short now, add on retrace
Updated
Simple trade here too, short half now, add on retrace to 1.31424, stop for both trades: 1.31847. Risk 0.5% on each entry.
Minimum target: 1.29
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Ivan Labrie.
Minimum target: 1.29
If interested in access to my trading signals or tuition services, message me privately.
I'm offering a discount for trading signals and tuition for one year.
Contact me for details.
Good luck!
Ivan Labrie.
Note
It's possible this is the start of a new long term downtrend to 1.2134, confirmed if we break below 1.2927, so keep an eye on that level.Note
Add a 0.25% risk position with the same stop, at market.Note
CAD news briefly sent price up, you can add another 0.25% risk position here to reach 1% total risk.Trade closed manually
I'm not liking the retracement of post-FOMC action today, I suspect traders will close positions going into the debat and OPEC news so we can probably reenter next week. We will close all FX positions for now. It's better to avoid risk and take a small loss than continue to be exposed to this move. In the long run, it's highly probable that the trades pan out well, but short term distortions in price can cause larger loss than acceptable before the fundamental move pans out.
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