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.

Do you want to learn how to trade like the professionals? Check out our new Elite Trader Program.

Do you want to get our trading alerts? Sign up here.


Buy a subscription to any of our Trading Services, the FX CopyTrader, the FX Trading Room, or our FX Signals, and get the other two for free! No coupons needed. You'll be subscribed to all 3 automatically no matter which one you purchase!
The following two tabs change content below.
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!

Latest posts by Andres Pedraza (see all)

Subscribe
Notify of
guest


0 Comments
Inline Feedbacks
View all comments