Tuesday, November 3, 2009

USDCAD Pullback

USDCAD just dropped to a low of 1.0681 in the last 30 minutes. I bought on the bounce. The stop needs to be below 1.0650, the previous swing low although if you wanted to be conservative and just bought above 1.07 you could place it below 1.0675 (tricky in this volatile market). Once it climbs back to the blue uptrend line of the chart I posted earlier, the stop should be moved to breakeven if you’re conservative.

© Dianne Fecteau, 2009. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.

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