I really like this setup on CADCHF
. First, we're seeing signs of CAD strength across the board; in fact I have a short GBPCAD
position on as well. Moreover, price is clearly in an uptrend on CADCHF
, and the pulllback since early July allows swing traders to buy the dip. I've got an order to go long at support at 8290, with a fairly tight stop (from the perspective of the daily chart
) at 8268. I may take partial profits sooner, but if the position goes in my favor, I'll likely hold part of it until 8500. This is risking 22 pips to gain 210, which equates to a reward/risk of over 9.5.