EURCAD Channel Play

EURCADDaily-20180112

The EURCAD has just pierced back into its recent channel, a channel it’s been following for months. We have alerted a buy opportunity for it, among a few other trades alerted this morning. All things being equal, this trade has high probability of continuing to rise towards the top of the channel.

As usual, observe proper equity management, and adjust the trade as it evolves to protect profit. We normally leave it alone until at least 50 pips have been captured, at which point the stop loss is adjusted to break even. After that, usually a trailing stop following 50 pips behind is perfect. Case by case, though. Use your rules, not mine.

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Founder and Director of Special FX Academy, Andres is now a full time trader, mentor, and writer. In the past, Andres has held director level positions at venerable trading exchanges including New York Stock Exchange, Euronext, and Fannie Mae. Buy his Forex Trading book here!

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