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Here is the long awaited post on that long-term trade that I had taken based on the weekly/monthly charts on the steady USD/CAD pairing. To date, I am up quite a bit however still a long ways from reaching my target of achieving 1,575 total pips.
As of this moment, its perfectly straddling the support lines and I foresee an eventual pop to the upside. This trade is a no brainer for me and i’m not loosing any sleep due to the long term nature of the trade.
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!
I’m back after a long while after that huge meltdown and the euphoric rise of the USD as a global safe haven. I’m going to be changing up my strategy and aiming at focusing on the pair that I am most interested in and affects me on a day to day basis.
That pair is the USD-CAD.
This pair is a relatively safe pair. Appreciation means the USD is gaining in economic strength and/or the majority is scared and going back to their safe haven. Depreciating would like mainly on oil prices as there is a large correlation between oil prices and this pair as Canada is a huge net exporter of oil and is commonly referred to as the Petro Currency.
Here’s my current long trade:
I’m aiming for a long term uptrend being that I see the USD gain in strength in the next little while as their economy recovers. I’m aiming at the 1.1100 area which would represent a +249 pip from the current level.
Hey folks, i’m back after a length vacation and took my first real trade on the AUD/NZD daily charts which was bouncing back to the 30/50 dynamic support regions of the chart. The pair is trading near its all time high @ 1.2450 so it’ll be time for me to cash out of the bank shortly.
Here is the setup chart on the daily chart for your reference:
Following up on my current EUR/GBP position, it is up +50 pips from my initial position started this week and I am aiming for another +250-300 pips as I am trading from the Daily charts.
Here is the current chart:
My second trade for last night involved in the USD/CAD pairing on the 1 hour time frame. With Gold and Oil skyrocketing and subsequent continual downfall of the American economy, the Canadian Dollar is in a perfect position to appreciate further. As this is a 1-hour trade, it was closed late in the subsequent day as the trading movement has been sideways and approaching the coveted 30/50 simple moving average where it’ll find support. Overall, it was a pretty easy +40 pips.
Also heads up regarding potential trades, the AUD/USD on the 1-hour looks might tempting at the moment as it is trading sideways with a flat top pattern approaching the 30/50 SMA dynamic support region.
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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