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Written by Ben
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Wednesday, 11 June 2008 |
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A nice pin bar has formed on the USDCAD daily (and weekly) charts, the nose nicely touching the potential resistance level I marked on Sunday night. Read on to find out how I’d trade it.
Sadly I noticed this too late to paper trade it, haven’t quite got used to combining chart watching and working yet but it’s getting there! Had I seen it in time, entry would have been at 1.0196 with a stop at 1.0323 giving a risk of 127 pips. First problem zone would be around 1.0012 (yellow line below), exiting the trade here would give a profit of 311 pips (not including spreads) giving a risk to reward ration of 1:2.4. Will watch this trade with interest, although not quite as much interest as I would if I'd noticed it in time to take it!
The relevant section of the chart is below:
Check back later this week for an update
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Last Updated ( Wednesday, 11 June 2008 )
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