ppp7
Short

Intraday/Daytrade for USDCAD - a Potential Selloff

FX:USDCAD   U.S. Dollar / Canadian Dollar
I was in a long position on this which i was stopped out on friday. I usually ignore the friday closing hrs             due to lack of volume but price seemed to fall during the last few hrs             and i ended up taking a short play.

This is a classic retracement play coming off a period of consolidation (which i originally thought it was going to break higher) but I reversed my position and now i am short.

Expected Target 1.2550
Good you recognized in time though. Classic mistake a lot of traders make time and again is buying on anticipation of a break out. It's "buying at the top" syndrome. S/R Zones are tough to break through. Anyway, I'm sure you know all that already. Now that you are in short positions though, I still advise some measure of caution. IMO, it WILL go up and break through that S/R Zone and probably soon. See my analysis on this pair and see if you agree...
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