naynay97
Long

CADEUR long term

FX_IDC:CADEUR   CANADIAN DOLLAR / EURO
Self explanatory.
Great example of how channels and patterns look like a sweet setup and then fail. The pattern has been developing for a really long time. You look at the history and say oh this looks easy I will just take a long from the channel low. This was too obvious and when a trade is too obvious there is going to be a lot of manipulation happening. So price broke the channel and everyone who was long got stopped out. Now you have traders who traded the breakout and price came back and took their stops out. It did a double take again and looked like we were going to resume the pattern in the channel when yet again we got tricked and price broke the channel to further lows. The next big green candle after the drop was price action saying the bulls are not done yet. The real selling began when price came back to touch the channel line yet again and formed a nice bearish candle and then you can take a short on the next open with a tight stop for a fantastic risk reward. This kind of thing happens all the time in the markets. My best advice is to trade with tight stops. You never know which one of these trades would have played out. It's easy to look back in hind sight and say I would have done this this and this. It's not the same when your trading from the right side of the chart and the trades are developing right before your eyes. The key is to get on the train before it leaves the station. You would have had a few stop hit here no doubt about it, and your ego would have been bruised, but if you stuck with it and waited for the big sell you would make up for your losses and then some.
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