USD/CAD: Excellent Buy Setup From Support Zone
Second Skies | Feb 27, 2015 01:27AM ET
We talked about buying in the support zone. As you can see, this is a live trade setup I’m in right now, currently up about +112 pips of profit and a 33 pip stop, for a +3.39R at the moment. I was going to buy a little higher in the support zone, but my price action read in real time suggested it will likely ping the bids lower before bouncing.
As you can see from the chart below, we literally caught the lows of the day by 6 pips. Once again, good trades do not take a long time to profit. This one was in profit within an hour, was at +2R in 3 hours, and +3R in 6 hours. Trades with good entry locations and timing do not take weeks to make a good profit. Only bad trades do.
For now, I’ll probably neutralize the risk and take some profit off the board as there is no reason to lose money on this trade heading into the weekend. My upside target is 1.2650 for now which was the recent peak before we had some impulsive price action selling, so I am expecting some offers parked there. Only a daily close below 1.2350 negates the bull trend MT.
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