OANDA:USDCAD   U.S. Dollar / Canadian Dollar
A nice day-trade setup here that meets my rules. Bearish 15m trend, break below 15m structure, below 50EMA, bearish engulfing after a pullback.

Also below a key Daily level (that may act as support and stop me out), but above a more major Daily level at 1.315.

The bounce above 1.32 has me nervous that we are about to see a reversal, but because of the room to the downside and the clearly bearish momentum this is still a valid trade for me.

Target at 2:1, S/L to B/E at 1:1. This kind of setup typically has a 45% win ratio so a loss will not be surprising. Risk management is key with technical strategies like these.
Dec 03
Trade active: S/L is now @ Break even.
Dec 03
Comment: Not looking great to be honest, but the worst I can come away with is break-even so all that is left to do is wait and watch.

Dec 03
Comment: I may have spoken too early, so it's a good thing my rules say not to touch this trade haha. Old rookie me might've already exited but it appears that 15m candle closed as a rejection wick. The 5m chart is trying to form a base,

Typically this pattern represents a loss of momentum. The sellers aren't that keen. But at this stage I'm just monitoring the trade for fun. I can't modify it.

Dec 03
So we'll see what happens. This was a fun trade. Should be a decent move one way or the other soon as we approach the European open
Dec 04
Comment: Looks like the Europeans slept in today lol. Very dull action tonight on USD/CAD. It's teasing me
Dec 04
Trade closed: target reached: Patience pays! Target hit, 2 winners today. Onto the next one
Follow @TradeWisdom on Twitter for Daily inspiration from the best trading wizards, psychologists and philosophers.

Go to http://www.zenandtheartoftrading.com for articles on forex trading, trading psychology, trading resources, Pine Script lessons and more!


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out