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)
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