Trade #3: Long USD/CAD

April 23, 2008 01:59 by Jon

USD/CAD started moving away from support and hit my buy limit order this morning, putting me in a long position. The pair moved quickly in my favor toward my profit target, but turned back just before it hit it. At the end of the day, USD/CAD is right around were it opened today, putting me in the negative so far on this trade. Since price never penetrated the rising trendline and the support is still there, my reason for entering the trade is still there. I've moved my stop loss up to just below yesterday's low, though, which is still below support.

 

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