USDCAD—up but needs a close above 1.0600

My long position from 1.0256 is up 320 pips as I write (8:06 AM EST). The pair reached a high of 1.0602 on Friday but there needs to be a solid close above 1.06. This is nasty resistance in here up through 1.0626 where a downtrend line comes in. If it does manage a good close above 1.0626, then I may add to my long position depending on price action. Here’s the daily chart:


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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.