Saturday, December 6, 2014

5 Dec 2014: USDCAD daytrade #3

I tried to short the USDCAD a second time, this time successfully. 

I saw a very strong retreat on the USDCAD and regarded this as a sign of bulls starting to get out before the market begins closing. A long wick appeared, followed by a strong bearish candle. 

Price fell to last week's high, which acted as support. I stayed out for awhile, but when I noticed that price was ranging, rather than rebounding upwards, I saw this as weakness. I opened a short after the 7th candle of ranging price action, with a tight stop loss above the range. 

The bottom of the range broke, but it wasn't the strongest breakout. I got out at 1.5R when price began to hesitate. I seem to be getting out between 1R and 2R most of the time. I suppose this is a psychological trait? 

I walked away with a profit of 1.5R, which is not bad. 

(click to enlarge)

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.