I will enter a long position in this pair, targetting the weekly R2 level. Time target is roughly 10 days, but can be a more rapid ascent, in which case I'd protect profits with a trailing stop under each day's highest low. As long as we're above the weekly pivot and the stop below we will be safe.
Once we hit the ultimate high, we can start looking for a short, but for the time being I'm playing CAD weakness and GBP strength. It will be interesting to see how the inflation numbers and the price of crude oil affect this forecast, should add some fuel to the fire this pair badly needs to move.
Terminal wedge spotted...now complete and correction is unfolding.
I will sell the retracement.
IvanLabrie
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Levels to watch, I will go long if price retraces and touches the black line, even if it continues to go down and touches the pink and red one as well. Seeing a red line touch is a warning sign, but not invalidation per se, so more chances to average your entry out. It's a good idea to start with a fraction of your total tolerated exposure, and then increase the position gradually.
Trade is valid until the 24th.
IvanLabrie
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Talk about a good fill...
IvanLabrie
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And entered long again, got stopped at BE for rushing it. Setup is still valid.
IvanLabrie
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Stop moved to B.E.
timwest
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How wide of a stop will you use?
IvanLabrie
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Risking 1.5% per order and scaling in. I will open them today after the NY close.
timwest
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The January range expansion and breakout was really nice too!