If you've been following me over the past few weeks then you know that I've been waiting on opportunities to get long on the USDCAD. After consolidating and holding at previous structure lows (daily), we've now seen a bullish rotation on the hourly.
It's important to remember that a "rotation" doesn't mean a trend, rather just the 1st leg of the 3 point move needed to establish one. If price were to retrace, it would offer us an advanced bat formation which could be used as reason for entry.
News events this morning, including CAD - Core Retail USD - Unemployment (8:30am NY) & the release of a the GOP Healthcare Bill (9:30am NY).
Syndicate Members, I'm having login issues so i can't upload any videos to the Members site, but I shot one through the TradeFloor this morning walking you through this setup.
@MartinKirkelundLedet,
unless he puts his stop loss beyond previous structure low witch is around 1.3185. And i assume he didnt actually entered the CAD aggressively during news release
Akil_Stokes
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@ehsan666, Yes, i did have aggressive orders on for this one. Took a loss, but it was a quick one, like a gunshot to the head, vs. a long torturous death
@Walentine, I'd say half right, half wrong. i did take a loss this morning on the trade. however, it wasn't too big. Also no need to be sorry as my losses don't affect your account.
Walentine
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@Akil_Stokes, Hi Akil, thanks for answer, I referred to latest trade on usdcad....
Akil_Stokes
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@Walentine, I got you, yeah never found a reason for entry on that one. But as you can see was still looking for longs