jrashaadtrades
Long

USDCAD LONG MOVING CLOSER TO 1st TARGET

FOREXCOM:USDCAD   U.S. Dollar / Canadian Dollar
Update on my USDCAD LONG trade, the latest trade placed on March 12th @ 1.28362, right before the trendline break which I had previously wrote about here. Price subsequently broke above that trendline and I placed an additional LONG order @ 1.29675. As of this writing I'm sitting on +190 pips, having already pocketed +350 across several lots from the beginning of the Bullish trend change. I wrote about that here and here.

Right now I'm about 70 pips from target and it might be asking a lot from the market to get there today. 20 period ATR is @94 pips and price has moved about 30 points already today. Depending on how we end the day I might cash out on one lot and move my trailing stop up to break-even.

Keep in mind that we are in overbought territory so proceed with caution. It also looks like the MACD might be putting in some divergence above the zero line.
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