EverythingForex

TRADE CLOSED: UPDATE #2: USDCAD: Gartley TP1 + 2 HIT (+189 pips)

FX_IDC:USDCAD   U.S. Dollar / Canadian Dollar
148 0 3
In my last update on this pair (see Related Ideas: "UPDATE #1: ANALYSIS: USDCAD: WAVE (C) STARTED TP1 HIT (+70 pips)"), I noted that I would not take profits until the TP2 was hit and would see what PA was telling me before I decided whether or not to take profits off the Gartley pattern . Although I didn't get a chance to post it when I did, I had taken 70% of my SHORT positions off at the TP2 and moved stops to B/E due to some questionable PA on whether it would continue SHORT and also because of the looming FOMC minutes. This gave me some uncertainty and did not want to take needless risk on the FOMC. Needless to say, my remaining SHORT positions were closed out at break even.

So what now? With the recent up move, I will need to do some re-analysis in order to get a better picture of what is happening now and what may happen next. I will be posting that analysis soon.

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