Today AUDCAD has broken through a very strong and looks like it's going to leg up higher on expectation of strong CPI numbers from Australia. This is a swing trade that I will be taking.
Entered to buy 1.0174/
Stoploss at 1.0077
target one at 1.0301
target two at 1.04000
target three at 1.04950
if target one is reached adjust stop to break even or to 10 pips below the 8ema (which ever is a greater pip amount.) and withdraw half the amount. If target two is reached, remove half of what's left and bring your stop to target one's lvl . At this point price will start to consolidate for a while, it's a personal choice to either stay in the trade and wait for target three to get hit, or to exit the trade alltogether. As usual I'll not be taking more than 2% risk.
At any point if there is a break and close of 2 consecutive daily candles below the 20 day moving average I will exit the trade.
This is not a recommendation to buy or sell, trading is high in risk, you are responsible for losses incurred.