USDCAD Pending Short at Potential Reversal Zone

FX:USDCAD   U.S. Dollar/Canadian Dollar
381 7 2
Update: First target hit, moved stop to break-even.

A push towards 1.0510 area could provide a shorting opportunity, as price completes a harmonic AB=CD at the 78.6 retracement level for the whole decline, marking this area a confluence of Fibonacci levels, in addition to the descending resistance for the recent sideways range, which is currently around the same area.
My trading ideas channel

Get your gift :

Skype: Technician - The forex channel
suggest SL increase by a factor of 2 to avoid stop hunting
alex.a jago25_98
Is there anything like that doing adjusting SL by a factor of 2 automatically using that pieces of software?
No there isn't. To be honest my suggestion is a very rough guide. Have a look at past reversal points to try to get a sense of how much lower those spikes come out of the candles. There's some software out there that tries to detect broker tricks like this but I forget what it's called. It's ~$90 too anyway
actually, looking at it again that SL looks like the kind of level I would go for. Trying to avoid that 1.06085 level is too far but maybe a couple of pips up beyond the SL in place now might be worth it. I guess there could be a situation where the stop hunting means the risk:benefit is no longer the 1:3 recommended minimum payoff - in that case you gotta let it go I suppose
alex.a jago25_98
This is the passing note not related what you did in the chart. How did you trade Canadian Dollar when it's important data is also announced with US dollar. I found it is crazy and extremely difficult because two currencies data are announced almost at the same time. don't know how to respond. But I'm sure you are good at it, though -
best to avoid I think
Guys, I suggest you concentrate on appropriate money management and forget about stop loss hunting. 50+ pips stop loss hunting is unrealistic, doesn't happen. I Believe.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out