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Jul 15, 2014 12:23 PM

CADCHF Consolidates at Support -- Ready to Reverse? Long

Canadian Dollar/Swiss FrancFXCM

Description

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.

informedtrades.com
Comments
TradersClassroom
Still have this order on? Looks like it reversed just before entry
cfdtrading_news
yes -- i still have it on, but looks like the market left without me :(
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