Short on the USD/CAD 4 Hour Chart

30 lis 2017

This pair has just tested resistance at around 1.2900 and it appears to be holding. I got short 1,000 units here to play this as a range trade as we are at the top of the range. My hope is to hit the bottom of the range but it looks like there are two structure levels there. The plan is to close the position if price bounces on either of those levels. Stop loss is 20 pips above the range because if price hits that level then we have a breakout and I need to get out. Tight stop loss in this play gives a very favorable risk/reward setup (10 to 1 I think) but is a low probability trade. RSI is also promising, as well as Stochastic on a different chart. Let's see what happens.

1 gru 2017

Uwaga

So far this trade is 13 pips in the green and moving further with me. I am looking at the 0.382 retracement level as the first potential reversal zone where I might take half my position off if RSI crosses below 20. It's tempting to take profits now and lock in those 13 pips but let's pretend we are grown up traders and not Tommy playing games on his daddy's laptop. :D

1 gru 2017

Uwaga

I woke up this morning from my TradingView alert to see price had hit the 0.5 retracement level so I closed half my position to bank some profits, and moved stops to break even.

2 gru 2017

Transakcja zamknięta: osiągnięto wyznaczony cel

Trade hit my final target during the morning but didn't have time to update this idea as I was busy with family time.