23/09/14 -20:00 – Buy USDCAD – The price has reached the level of the Wave 2 on the previous Bearish trend with some great movement. I have stopped out this trade and taken 1.35% profit on my trading account balance for the following reasons; 1. I don’t want to carry over this trade another night as I believe it will become range bound at this level. 2. I was taken out of my GBPUSD trade today which took my loss for September to 1.35% so leading up to this close I had this level in mind to get back to Break Even for this turbulent month and carry over some great open trades into October, which is the start of my next quarter. Overall I have had a bad time with my Forex trades this month and need to go back over all the trades to see if I could have done anything different. Chart as Below for this Buy USDCAD trade close.
23/09/14 – 14:30 – Buy USDCAD – The price did rise overnight but has pulled back during the morning on a typical Wave 4 pullback and found support at the TJ’s Ellipse and the Fibonacci 0.5 retracement taken between Wave 2 and Wave three of this new Bullish trend I find myself on. With poor Canadian data just being released, the price has risen sharply above my original entry point and with US data to follow this afternoon this Buy USDCAD trade should gather momentum. Chart as Below
22/09/14 – 16:00 – Buy USDCAD – The Buy order has triggered and so into this long trade on this USDCAD currency pair. I am mindfull that the Wave 2 high in the previous Bearish Trend at 1.1070 could in fact as a resistance level to this Long trade so will keep a watching eye on this trade when the price gets to this level. I will have to carry this trade over tonight as I very much doubt there is going to be any major action tonight, but if there is I have my Take profit Limit order set @ 1.1091 . Chart as Below
22/09/14 – 14:00 – Buy USDCAD – As with all my potential XTL breakouts the first Blue XTL breakout bar for this potential trade was shorter or average to the preceding 20 bars. The second Blue XTL bar had formed a high very close to the high of the Wave 4 in the previous Bearish trend indicating that this is a resistance level and movement above this would give momentum to a Bullish run for this currency pair. With this in mind I have placed a Stop Buy order @ 1.1023 with a Stop Loss @ 1.0980 and the initial Take profit Limit Order @ 1.1091 which gives a Risk to reward for this Buy USDCAD trade at 1:1.6. Chart as Below