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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Andres Pedraza
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