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Looks like I purchased beautifully at support/resistance point and now the pair is heading back up after rhetoric from the Bank of Canada. A strong CAD would cripple the Canadian economy’s recovery as it is an export positive country. We’ll see on this week’s upcoming GDP numbers to see whether there will be any indication of future interest rates increases from either side. But for now, I am not closing out the position until I reach the intended target which is far away as I am ‘investing’ in the USD by basing my trade on the weekly charts.
It appears my short term pip strategy was stopped out too early due in part to the large devaluation of the USD currency. I may have misjudged my stop loss and made it too tight.
Thus, my new strategy is to ‘invest’ instead of ‘trade’ the markets with a longer term perspective. I will be looking at the long-term charts specifically, the weekly charts for a direction and position taken. Per my other recent posts, I am trying to trade with only a few being USD/CAD, AUD/USD, EUR/USD as they are not as volitile as cable or the Japanese Yen pairs.
Here’s my latest trade and it will probably take a few weeks to materialize before anything significant happens. I am up +59 pips at the moment so we will see how it goes!
Another month has passed by and another edition is here! It has been quite a hectic week with the dramatic decline in the USD, I hope everyone has capitalize the ample opportunities that were presented. Unfortunately, I was not so lucky with my trade but I will share with you the juicy details within the next couple of days.
Everyone has a different situation and must decide for themselves what makes the most financial sense 401k or IRA .BT offers top-of-the-line trading tools
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