Today's trade USDCAD. Stop is at breakeven. From now on
it's a free ride.
Update 08.06.2016
I did take half profit after 200 Pips of Profit.
I will be looking to add to the position on a pullback.
The downside is, my entry is at a nice level where price
may pull back to. So taking profit is a good thing.
The two horizontal red lines are based on the H4 timeframe.
That is another level for a pullback level. If price bounce off
that level, that would indicate a strong bearish envrionment.
Update 09.06.16:
No, I didn't close the trade yet. I did not have a reason to do so yet.
Today formed the first bull candle after 4 rather strong bearish candles.
The markets never go in a straight line. The zig zag. And that is good.
Am expecting a pullback. But due to the strong move south, the pullback
might be over yet. Below is the chart.
As you can see I did update the Fib levels. Additionally I highlight a support level that lines
just nice up with the 38,2 Fib-Level. If we have strong moves, the asset makes never makes it to the
38,2 Fib-Level but stops at the 23,6 Fib-Level. As you can see, we already touched this level. So tomorrow is going to be an interesting day. Since it is friday, I might not even realize the setup, depending on the time. The earlier in the day, the more interesting are the setups. The later the day, the more willing I am to let it go.
Update 10.06.16:
As you see above, price did pull back to the 23,6 Fib-Level. The last H4 candle formed a nice setup.
I like the setup, but I don't like much the time of the day. We are still in the peak hours of trading. But today being friday, there is going to be a lot of profit taking. And that will influence the market. Most big traders (institutional traders) want to have a profitable week, so they are more inclined to take profit or cut losses. Which way it is, it is going to influence the markets. That's why I don't like the timing. Too bad this setup didn't form earlier in the day. I'll keep an eye on this never the less.
Stay tuned.
TT
Update 08.06.2016
I did take half profit after 200 Pips of Profit.
I will be looking to add to the position on a pullback.
The downside is, my entry is at a nice level where price
may pull back to. So taking profit is a good thing.
The two horizontal red lines are based on the H4 timeframe.
That is another level for a pullback level. If price bounce off
that level, that would indicate a strong bearish envrionment.
Update 09.06.16:
No, I didn't close the trade yet. I did not have a reason to do so yet.
Today formed the first bull candle after 4 rather strong bearish candles.
The markets never go in a straight line. The zig zag. And that is good.
Am expecting a pullback. But due to the strong move south, the pullback
might be over yet. Below is the chart.
As you can see I did update the Fib levels. Additionally I highlight a support level that lines
just nice up with the 38,2 Fib-Level. If we have strong moves, the asset makes never makes it to the
38,2 Fib-Level but stops at the 23,6 Fib-Level. As you can see, we already touched this level. So tomorrow is going to be an interesting day. Since it is friday, I might not even realize the setup, depending on the time. The earlier in the day, the more interesting are the setups. The later the day, the more willing I am to let it go.
Update 10.06.16:
As you see above, price did pull back to the 23,6 Fib-Level. The last H4 candle formed a nice setup.
I like the setup, but I don't like much the time of the day. We are still in the peak hours of trading. But today being friday, there is going to be a lot of profit taking. And that will influence the market. Most big traders (institutional traders) want to have a profitable week, so they are more inclined to take profit or cut losses. Which way it is, it is going to influence the markets. That's why I don't like the timing. Too bad this setup didn't form earlier in the day. I'll keep an eye on this never the less.
Stay tuned.
TT
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