There are so many ways to take targets on this trade and instead of laying them all out I’ll just ask you these questions. Why are you involved in the trade ( or trend continuation)? And (of course) What do your rules say to do?
I know you guys hate hearing that, but hey, that’s the reality of trading. Each of us are different and as I tell my clients, your trading style should match your personality making it fit you like a fine tailored suit.
BIG NEWS OUT AT 8:30 eastern! We’ve got USD: Advance GDP, Trade Balance & Unemployment. This should certainly give us some action early on in the New York session so be careful. The underlying market sentiment still looks to be very the USD especially since yesterday’s (lack of hawkish tone) FOMC statement showed little movement before being shaken off my the market.
Yesterday’s USDCAD didn’t go my way and if you’d like to read about it here’s the link to my trading blog. http://tradeempowered.com/the-next-good-trade/
Also it’s Thursday so that means my weekly video is coming out so make sure you head over to YouTube and SUBSCRIBE to my channel, that way you don’t miss it. I’ll most likely be talking about dealing with failing strategies and looking at equity curves…we’ll see. Good luck today traders and let’s ROCK the markets on this wonderful Thursday!
Chief Currency Analyst
Akil@Tradeempowered.com /@AkilStokesRTM /
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On the other hand there is the strong momentum and dynamic of the longterm downtrend - we are trading at its trendchanels upper edge. This can perhaps be interpreated as a new anticyclical selling signal as long as we trade below this level.
-Below the last valid orange "3" at 1,08 a drop to 1,04 can be exspected
-below the last valid red "2" a longterm selloff can be exspected with target @ 0,92
My name is Adil should I swap "d" with "k" to be like you ! Hats of man you are amazing ! I got stopped out by selling it and then I had to come to your post and salute you.