CLOSED TRADE: USDCAD: BUY@1.30986 SL Hit (-89 pips)

FX:USDCAD   U.S. Dollar/Canadian Dollar
488 8 10
This trade hit my SL and has now been closed for a -88 pip loss. It happens. On to the next trade. Will now sit back and re-analyze this pair and try to get a better idea what is happening here.
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I understand You trade according to to TA because as oil has gone up a little maybe that is the reason why USD has dropped and is still going up so maybe We wil continue to see the USD continuing losing against the Canadian dollar. Could be this the reason?
VictoriaRich RalfDiana
TA? I'm not sure what that is? But I don't trade by correlations. Yes, I do watch and pay attention to correlations and do take them into account but I trade what I see on the chart. That being said, yes, I do realize that oil going up is driving USDCAD down. I don't get into the fundamental reasons why oil may be going up or the USD going down and how those two combine to affect the direction of USDCAD, yada, yada, yada.....It's too much too process and get any kind of good read as to what to do. There are still so many other factors you can throw in there as well. That is why I don't take or break trades according to correlations and fundamentals.
RalfDiana EverythingForex
I am sure You know that TA is technical Analysis, Sorry for last comment I did not mean to correct You of course I was just thinking maybe the reason was the oil going up that's all.
Oh yeah....TA = Technical Analysis. Duh! Sorry, it kinda slipped my mind as I haven't heard it called TA in awhile. But no worries. I didn't take it as you correcting me at all! It's just another point of view is all.
With your other trades earning hundreds of pips, I didn't expect you to lose one.
I'm not perfect! I HATE to lose as well but in this game, losing trades is a FACT. But the trick is to manage the losses so that they never break you. That's where sound money management comes in to play.
ekinsky911 EverythingForex
Love little loss will help us a lot,wait your next trade plan.
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