selfrighteousgambler
Short

LONG TERM USDCAD SHORT @1.51800

FX:USDCAD   U.S. Dollar/Canadian Dollar
Despite all the talk of the Canadian economy in tatters as oil             prices tumble, I focus on price and limit my risk.

Catastrophic events happen causing erratic behaviour in the markets. But all things being equal, the charts are telling me there is a good chance that USDCAD             will fall from 1.51800.

Again, low risk, high potential reward is what I look for. I make sure I limit the things I can control. I cannot control oil             prices, or Canadian economics. I control my trading account.

This is a nice area for a short position high up on the curve. Price is struggling to get through orders in a poor zone. This suggests that the buying power might not carry much strength going into 1.51800. The mass of sell orders might overwhelm buyers.

Entry: 1.51800
Stop: 1.53800 (200 pips, yikes! Trade carefully. Small positions and then build up)
Reward: Straight away, I am looking at 1.40000 and then 1.34000 (so 200 pips isn't that much risk really)
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