FX:USDCAD   U.S. Dollar/Canadian Dollar
10169 106 189
USDCAD             Simple Trade
Break out and pull back
Short at 1.2942
Comment: Getting Closer
Trade active: ORDER FILLED
Comment:
snapshot

Risk Reward: 1 :4
Comment:
snapshot
Comment: Price retested the wedge
and the horizontal resistance level 1.2977

I am not stopped out because the price did not close
above 1.2977, and i have at least 10 pips breathing room
for all my trade.(IF it is a daily chart, minimum 30 pips
breahting room).
The reason behind the trade is, USDCAD is making
lower highs and lower lows.
So we must exit if 1.2977 is violated.
As long as 1.2977 is not broken, we can still short.
now is 1.2902, +40 pips
Comment:
snapshot

+50 pips
Comment: HIT 1.2830, Close 50% Position
+110 PIPS
Trade closed: target reached: TRADE CLOSED : TARGET 1.2780 HIT
+160pips
Comment:
snapshot

This is very good example of broken wedge and retest trade
Comment: We TP at very good place. now the price has rally up again
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i am the first one ..
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Would stop loss go above the pullback? :-)
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Thanks!
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Same feel. AGREED, mate ^_^
USDCAD: A BEAR FLAG TO REVERSE THE INITITAL RALLY???
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Thanks Jack! If it will not hit 1.2942 you will not open the trade? For example if it will just touch 1.2940 close and then go down?
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limit order set.
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shugql tntsunrise
Ok. I am on it. Thanks.
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den_ tntsunrise
thank you!
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opened!!!
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In! Thanks Jack, where would you put the SL?
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Biggles manish101
it's in his comment section SL 1.29876
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Biggles Biggles
Dyslexic fail. SL is 1.29786 SL
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Very nice trade ! Thank you!
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Entered. thanks!
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Bad start. My first trade following you and SL hit.
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MoLee Parveshhh
well.. stuff happens all the time... no one is 100% on the dot. Maybe next time it will be better for you. :)
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could come down again or back in the trendline?
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MoLee mabaert
Possibility is there but I would rather stick to the plan and accept my loss instead of incurring bigger losses by adjusting SL.
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Parveshhh mabaert
I think it will touch 1.2965 and we can exit there.
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yeah. Hope next trade bring good results.
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Bad trade... SL hit... can't beat the power of the dollar...
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bigabbey TradeFreak
" Update...are we still holding on to the SHORT position, please update
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tntsunrise TOP TradeFreak
The result of this trade is +160 pips
it's a winning trade.
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TradeFreak tntsunrise
Sorry mate, but I don't believe you stayed in the trade from the start, you 'might' have re-entered the trade after it took out your stop loss, but no way you stayed in the trade from the start.
Why do I say that? Because this:
snapshot

That is your chart you posted 3 days ago when you opened the trade... its using your information, your chart... don't tell me you stayed in the trade from the start because I don't believe you.
I also set up the exact same trade as you, on a H1 chart, and it got my stop loss... just as it would have taken your SL out, and to make matters worse, I put my SL a few pips up from yours, which I thought would be safe, but it still got my SL. 2 trades identical, and your SL wasn't taken out but mine yes??? No chance. You should just say that you re-entered the trade and I'd believe you, nothing wrong with that because you believed in your trade, but don't be telling me you stayed in the trade because that is BS.
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tntsunrise TOP TradeFreak
MY stop loss is above the previous high,: 1.2978, I already shared the tips: minimum 10 pips above the structure.
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TradeFreak tntsunrise
Interesting... so then WHY have you got your stop loss at 1.29785, as SHOWN on YOUR Chart ??? Can you please explain that?
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tntsunrise TOP TradeFreak
I told you arleady. that drawing tools is for risk/reward ratios. if you are an experienced trader, you wont' put your SL exactly at the previous high.
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tntsunrise TOP TradeFreak
Comment. Price retested the wedge
and the horizontal resistance level 1.2977

I am not stopped out because the price did not close
above 1.2977, and i have at least 10 pips breathing room
for all my trade.(IF it is a daily chart, minimum 30 pips
breahting room).
The reason behind the trade is, USDCAD is making
lower highs and lower lows.
So we must exit if 1.2977 is violated.
As long as 1.2977 is not broken, we can still short.
now is 1.2902, +40 pips
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TradeFreak tntsunrise
My question still not answered... WHY have you shown your chart with your SL at 1.29785, yet you claim your SL was 30 pips above that at 1.29785 ?
The sums don't add up... you're telling me that 2+2=8 when it equals 4. Please advise.
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tntsunrise TOP TradeFreak
Oh. U mean the drawing tool? that is to show the risk/reward ratio.
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TradeFreak tntsunrise
Yes, but you would have to set up the drawing tool exactly like your trade so that people can follow your idea correctly.
The drawing tool doesn't just appear there automatically, you have to set up the SL and the TP Manually !
So if you say that the trade is still open, yet your drawing tool shows SL at 1.29785, and you say that you were still in the trade because you had your SL at 1.2977, then WHY didn't you show it in your chart? Logic would dictate that you would show it, so that people know exactly where you've put your SL and TP... no point in showing a chart that has 3/4 information... the whole point of showing your charts is so that other trades can trade together with you... and its counter productive to say that you put it there for aesthetics or something... because that doesn't make sense.
And don't give me the excuse 'if you are experienced trader' line either, its your trade, you are showing people what you are trading, otherwise don't show the Entry, SL and TP, just give an empty chart, because if you tell me now that you are winning the trade, with what you've written on your chart, I don't believe you. I can also do what you did, draw a chart and then when someone questions the validity, I can easily say what you said etc... Sorry, it would have been better for you just to say I re-entered the trade etc... then I would believe you... but you stayed in the trade with that info? I think not. Sorry.
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tntsunrise TOP TradeFreak
be responsible for your own trades. think the logic behind the trading idea, the drawing tools i use is for risk/reward ratio. why should I tell people exactly my stop loss is? this is not s signal service.
i share my trade logic, not providing any signals.
put your stop loss above the key structure, that is the logic behind the trade.
This time your stop loss is taken , and now u learn the tips to set SL, so next time you won't be stopped out by just a few pips than the preivoush high.
My concern is whether do you learn some thing from this trade. do you understand why I short? why I choose stop loss above the 1.2978, Why i choose 1.2780 as my profit target?
if you can understand the logic behind the trade, i am very glad that you have learnt something, although I did not charge you a singel cents for sharing this knowledge.
+1 Reply
TradeFreak tntsunrise
I am responsible for my own trades, I haven't said anything to the contrary and it doesn't worry me, I didn't lose much and thats part of trading... So please don't deviate from the issue at hand...

My observation was quite a simple one, I just observed YOUR chart with an SL at 1.29785, and noted it as having already been breached, yet you say your stop loss was at 1.2978. Who will I believe, you or your chart ? I will believe YOUR chart, because you posted that chart BEFORE the trade stopped your SL out. If you say to me 'only a novice trader will put the stop loss exactly at the same level etc...', it means nothing, because that is not the point that I'm making. The point I'm making is Directly referring to YOUR chart. If YOU are not a novice, then WHY did you post your SL at 1.29785 instead of 1.2978 which you SAY you did, but only AFTER the trade has passed this level? Its too convenient, sorry, too easy and too perfect for you to say that... it would have been easier if you had have said that you re-entered the trade and I would have believed you and there is nothing wrong with that... there is NO trader in the world that is 100% right all the time every time... its trading... you probably need to deflate your ego a little, I was only asking a question, no need to offend.
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tntsunrise TOP TradeFreak
dont get it wrong.
" the whole point of showing your charts is so that other trades can trade together with you"
Do I get a single cent paid if other people trade together with me? No!

The whole point of publishing chart in tradingview is to share my thought and my tradie ideas, that is for sharing the logic behind the trade, so that you can observe, you can learn, you can do better in your own analysis. next time if you see similar patterns or simlar price actions, you know what to do with your own eyes, even without my ideas.
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TradeFreak tntsunrise
"Do I get a single cent paid if other people trade together with me? No! " Then don't post your charts if you want money from people. I think you have misunderstood the whole concept of tradingview... on this site we SHARE things, so its really strange that you even mentioned not getting paid... quite bizarre actually.

And yes, publishing your trade in trading view is to share your thoughts... good... but what has that got to do with my question? You claim you are still in the trade +160 but your chart shows that your SL was breached, and you mention only AFTER the breach that 'oh... but i had my SL at 1.2978', which is too convenient to say that... Sure it turned out to be a good trade thus far, but I disagree with your claim you were in it from the start. I only asked you a simple question, no need to be upset.
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tntsunrise TOP TradeFreak
it is you are saying "trading view is to let people to trade together with me!"
can you understand the logic or not?
I am not paid when people trade togehter with me. then why should I do this?
therefore your concept is totally wrong. Trading view is for sharing, for learning, for eudcations, not for trading together.
i am not upset, i already explain so much trading tips to you.
if you learn , it's good
if you dont' learn, forget it.
Anyway, this trade is still a wining trade, the target is hit.
So sorry that you dont know the basic rule of setting stop loss: So please take note that: dont set the stop loss exactly the same level of previsou strcuture.
add some wiggle room , otherwise you wil be stopped out thoese stop loss hunter eveery time.
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TradeFreak tntsunrise
I was contemplating on replying to your comment or not, but seeing I sense a tinge of irony, I felt compelled to reply one last time.
Unfortunately, you are hell bent on offending people that you don't agree with, especially those who ask simple questions.
First of all, you didn't teach me anything. If you think by telling me levels are broken, and offending people in a minor way by saying that if you are novice then you don't put stop losses at resistance or telling me that you are sorry for me that I didn't know basic rule of setting stop loss etc..., that is teaching, then I feel sorry for your students and I don't appreciate being belittled in this way. I'm not an expert but I'm not stupid either.

The problem here is that you are deviating from my question which you refuse to answer, instead you write me rhetoric which is basically wasting my time to read, I'd much rather be spending my time learning and analysing charts. My question is very simple. You wrote on your chart, a stop loss of 1.29785 and AFTER the SL was hit, you claim that you put your SL at 1.2977. I asked you WHY did you not publish that in your chart? But your reply to me instead was just rhetoric and excuses. No need to reply any more, I won't read what you say, couldn't be bothered with this silly discussion. Its just a shame that you can't answer a simple question, yet instead deviate on a tangent in order to avoid answering my question. Simple as that. Peace out, have a nice day.
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tntsunrise TOP TradeFreak
Firstly, i did not say anything about you. Your question seems to be quite novice bu I still answer your question one by one and telling you the tips of putting stop loss, how you treat a losing a trade, how to develope proper trading mindeset. if you dont appreciate, It's fine. I have done my part, and i think peoople who read my message will benefit.
Secondly, I am telling you the answer that why you are stopped, beacuse you put your stop loss exactly at the previous high. and I already share with you how to avoid such thing to happen in the future. It is a consistent rule for me to have minimum 10 pips wiggle room for 1h chart and 30 pips for daily chart.
Thirdly, I also mention that please pay attention to the logic behind the trade, if you understand the logic, you will know whether you should cut loss of this trade or hold it. obviously USDCAD move up retested the previous high and the wedge, and the price did not close above 1.2978, so that is not a valid break out, therefore we are still good to hold our short position.
Thirdly, I already answerd you that that drawing tools is for people to see the risk/reward ratio, yes it does show the SL level, but people who look at the chart will understnad that That level is excatly the same level of the previous high. so if you eneter a trade, please add in the wiggle room.
Lastly, this is not a signal service, if you don't like my ideas or you don't believe what I said, please kindly ignore.
+1 Reply
tntsunrise TOP TradeFreak
that is not excuse. only novice trader will put the stop loss excatly at the same level of previous structure.
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tntsunrise TOP TradeFreak
Very simple: previoush high is 1.2978, the price break that high, the short trade is no longer valid. therefore stop loss should be above that high, by how many pips?
1h chart, minimum 10 pips, If that is a daily chart, minimum 30 pips.
I hope you learn this tip so taht in the future you know where should you put the correct stop loss level.
+1 Reply
TradeFreak tntsunrise
I'm no expert by any means, still learning but its counter productive to publish a chart one way, and then you trade it (if you did) another different way. It doesn't make sense.
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tntsunrise TOP TradeFreak
i trade the same way: I open trade at 1.2940, I put my stop loss above the previous high, i take profit at 1.2780
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TradeFreak tntsunrise
but you say this AFTER you posted your chart which shows your stop loss at 1.29785... too convenient, sorry. Anyway, I'm over it. I just asked a question, thought I would get a straight answer, but it seems not.
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tntsunrise TOP TradeFreak
becasue I want you understand the logic of this trade. If you only copy other peopls trade and you don't think what is the reason behind this trade, you will never learn.
If you like to have other people to think for you, and you just follow without your own decision, please go to myfxbook or just buy any EA robots.
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mchilado tntsunrise
Hello Jack! In determining the SL point, should I add the pip spreads of my broker? It seems I get hit sooner than the price I decide to get in. For example:

Pip spread = 3 pips
Limit buy price = 0.789
SL = 0.786

Should I make the SL at 0.7857 or less instead if I use the daily timeframe for a 30-pip SL limit? Thanks.
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For Buy Price, u need to add spread. for Sell Price, u dun need.
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mchilado tntsunrise
Thanks Jack!
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mchilado tntsunrise
Thanks for this Jack!
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tntsunrise TOP TradeFreak
There is no "BAD" Trade, there is only losing trade or winning trade.
losing trade is bad? no. it's part of the plan. your mindset need to be changed:
Think this way: you make total 100 cold calls to sell insurnace, 99 calls failed but the last one you get a deal, is it because the last call you are so lucky? no!
it is because you already made 99 calls, and thanks to thoese failure calls and now you finnaly see a sucessfull result.
Trading is the same, you earn money not only with you winning trade, but also with you losing trade.how to make sure you are profitable?
The risk reward ratio is the key: If you lose, lose small, if you win ,you win big.
Respect both the losing trade and winning trade. that's the only two out come when you excute a trade.
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I wouldn't call it bad just yet. I took the trade but I have a different thinking. Since this setup is on a 1hr chart rather than get stopped out on the Stop Loss price I'm waiting for the hourly bar to close above it. Also if you look at oil it's sitting at support so I wouldn't be so hasty just yet.
snapshot
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TradeFreak BTCMarket
Well unless one can time travel, if TP is hit, the trade is pretty much over. Would I risk another trade on this pair? Not likely.
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TradeFreak TradeFreak
TP* I mean SL... stop loss... trade gone for me.
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BTCMarket TradeFreak
Don't know anything about time travelling but it's an hourly chart I want to see the bar close above that price to confirm otherwise it could be a stop run. I'm still in the trade because oil is at support. The worst feeling to to get stopped out only for price to retrace.

Now look what price does with no hourly close above the stop price:
snapshot
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BTCMarket BTCMarket
And look what oil does "At Support".
snapshot
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TradeFreak BTCMarket
well the problem is, if you look at his original post, the author shows where he put the stoploss... if you follow the trade, then following 100%, so the stop loss was at 1.29786.
I had my SL at 1.29790, way about the daily resistance, and it still got stopped out. You should also correlate with the USD 10 year, it is @ + 0.01 so it is definitely showing strength...
This was just a bad trade and those of us that followed it got a nice pineapple... very simple... no need to look at oil or anything else... now need to look forward to the next trade.
+1 Reply
TradeFreak BTCMarket
Sorry, just a question... how can you still be in the trade, if your SL was surpassed? In the above image you've shown, there is a very clear red line, which appears to be your SL... there is also one candle previous to the last one on that chart, where there was a bit of SL hunting going on, and it surpassed your SL... so how can you still be in the trade? Just curious...
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BTCMarket TradeFreak
Because the red line is the stop loss level "When An Hour Candle Closes Above It" Why because it's an hourly chart. And why do that? Because now look almost 100% retrace to entry price.
snapshot
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BTCMarket BTCMarket
This is why the trigger is the "close" not the noise in between the time frame you are trading from. So what happens? 100% retrace.
snapshot
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BTCMarket BTCMarket
so for me no loss in profit now
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exellent observation!
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JC_Saints BTCMarket
That doesn't work cause if you wait for the 60 minutes close, what happens if USDCAD closes at 1.3008 ? you would have been waiting also ? taking on 80 pips loss ? I am just wondering.
I understand the hourly close think when you are an analyst but when you trade...
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BTCMarket TradeFreak
It's a terrible feeling to have your stop triggered only to see price retrace. This is why my stop is the close of the candle from which time frame I am working from.
snapshot
+1 Reply
TradeFreak BTCMarket
you are not wrong there... terrible feeling indeed... but I'm not willing to trade this part for this retracement at least...
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TradeFreak BTCMarket
Hmmmm I hope you are right... for your sake.
 
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gcplau PRO BTCMarket
May I ask how you can set a stoploss order based on hourly close? Is it MT4 or manual? Will all brokers accept such order? TKS FOR SHARING
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sorry..I"m asking BTCmarket, wrong click!
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gcplau PRO BTCMarket
May I ask how you can set a stoploss order based on hourly close? Is it MT4/5 or manual order? Will all brokers accept such "hourly close stoploss order"? THANKS FOR SHARING!
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Tntsunrise you are still in the trade because stopploss was not hit according to you Profite/loss picture, right?
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tntsunrise TOP ernstschwarz
yup
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you do graphic forecasts. with a clear indication of stop loss level and other things. it is commendable . but why you do not see that after a number of errors you must make conclusions. where self-censorship? Here and now the price shamed you.1.2973 loonie now - it does not matter for you? but you already draw the following picture ??? ha ha
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10-05-2016
you do graphic forecasts. with a clear indication of stop loss level and other things. it is commendable . but why you do not see that after a number of errors you must make conclusions. where self-censorship? Here and now the price shamed you.1.2973 loonie now - it does not matter for you? but you already draw the following picture ??? ha ha
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Even it Hit my Stoploss ,, an In trade with Risk managment and full of hope ,, Dont let the market screw my confidence , Let's Go To TP am sure of that .
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xue xi le.
I published three ideas last night just to test my ideas about the price action on support/resistance level. I had the similar USDCAD idea with you but i focused on some other reasons.
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This is a very good trade, the only snag was the stop loss, my stop loss was placed @ 1.3000. The trade is still active for me. I typically allow a little wiggle room so things like that don't happen. I guess learning from experience.
+1 Reply
I'm short since 1.29993 and now I don't know if use this dip to get out cause I'm not sure anymore that it's a good trade..
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ikekonte IAmAgainst
Stay in it, this trade is falling. It will get to the TP area. Stay in it
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IAmAgainst ikekonte
Im in.. but I won't feel confident until I see a 1h candle close below 1.291, which seems to be acting as a strong support.
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Looks promising, Jack...
I'm a beginner, How do you enter the trade?
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Wait two to three months, you'll see the USD up to 1.42. These intraday trades will slaughter the pigs. Long the USD.
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pointless comment
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snapshot
i see something like this
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I am just in at 1.29530.
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Hey how do you analyse that there is gonna be a pull back? i am relatively new
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Price retested the wedge
and the horizontal resistance level 1.2977

I am not stopped out because the price did not close
above 1.2977, and i have at least 10 pips breathing room
for all my trade.(IF it is a daily chart, minimum 30 pips
breahting room).
The reason behind the trade is, USDCAD is making
lower highs and lower lows.
So we must exit if 1.2977 is violated.
As long as 1.2977 is not broken, we can still short.
now is 1.2902, +40 pips
+1 Reply
seavniv tntsunrise
i am in with you . let see :)
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watsonzou26 tntsunrise
Great trade. Unfortunately i was out too early.
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stop short ? or not
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Congratulations again... U will achieve n successful :)
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tntsunrise TOP Sakakikunmakio
Thank you:)
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Hi tntsunrise. What do you think about NZDUSD?
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put your own thoughts. don't ask me in this way. like this i can't help you transform to pro trader mindset
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hayk tntsunrise
Had no intention to offend you. Just wanted to know the opinion of experienced trader. Have a nice day.
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hayk tntsunrise
Thank you. The daily trend is broken. Has a long way to go. Wanted just know, what you think. Have a profitable day)
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thanks
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Nice Ride so far ! Thnak You, Would you move your stop to 1.2916 ? I did .. thks again
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Take some profit now. 1.2830 have support
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dun forget to Take profit at 1.2780
Target Hit
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thanks sir.. nice trade ;)
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welcome!
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i sold at 1.27275, will i be able to get egal to hit ?
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tntsunrise TOP jolicoeur342
u sold at 1.27275? but now is 1.28..
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yea i sold long time ago 2 weeks ago !
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jolicoeur342 PRO jolicoeur342
And what do you think about
USDCAD - HEAD N SHOULDER
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yes, tp at 1.2942
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good
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