spocktrader
Long

USDCAD bullish move to continue - but short for the time being

FX:USDCAD   U.S. Dollar / Canadian Dollar
94 2 1
Price shot through the supply area at 1.99-1.996 only to rebound at the 1.100 level - that's pretty bullish!
I took a small short at 1.0991 (SL 1.105 TP 1.095) because an entry on the Gartley pattern completed at 1.0978 offers a nice risk-reward at this level. Besides, the even handle at 1.1 will grant additional protection to my stop. But at 1.095 I'll be long again (SL 1.092 TP 1.1045)!
In fact, a more conservative entry method would be to wait for rejection of price at the 1.10258 level to get a better entry at 1.099 or even lower.

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Got stopped out and immediately went long. Such a shallow retracement of the 1.1 handle confirms my bullish bias. No stops are place yet, but an emergency exit will be considered at about 1.09.
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