FX:USDCAD U.S. Dollar/Canadian Dollar
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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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.