Review: USDCAD trade
I added a new strategy into my trading plan, and I tested it on 3 currency pairs tonight (8am EST)
USDCAD is one of them.
This is a 3 step trade setup:
1. on Daily chart, determine direction to trade. Either bull, bear, or bracket trades. (bracket means to decide that on smaller timeframe, I personally don't take bracket trade, I always pick a direction.)
2. Dill down to H4, H1, M15, M5 to zoom in on location, and look for entry, a cluster made of 4+ candles (preferably M15 and M5, I am a day trader okay.)
3. Timing& RR check (around 2am EST and 8pm EST)
so... so far so good! except that I set my risk too big on this so that my reward was not that great. (in this case the target is barely missed, I had to get out before it pulled all the way back. Of course I'd wanna get out after such a parabolic move.)
Good thing my week ended in green. :)
(yay)
USDCAD is one of them.
This is a 3 step trade setup:
1. on Daily chart, determine direction to trade. Either bull, bear, or bracket trades. (bracket means to decide that on smaller timeframe, I personally don't take bracket trade, I always pick a direction.)
2. Dill down to H4, H1, M15, M5 to zoom in on location, and look for entry, a cluster made of 4+ candles (preferably M15 and M5, I am a day trader okay.)
3. Timing& RR check (around 2am EST and 8pm EST)
so... so far so good! except that I set my risk too big on this so that my reward was not that great. (in this case the target is barely missed, I had to get out before it pulled all the way back. Of course I'd wanna get out after such a parabolic move.)
Good thing my week ended in green. :)
(yay)
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