19 March 2014

USD/CAD : Breaking Out of Triangle Consolidation

  • Monthly : Periscope breakout.
  • Weekly + Daily : Triangle consolidation since Feb. Upside boundary is at 1.1166, being tested now (last traded 1.1171). If upside break confirmed, target is 1.1455. (The periscope objective is of course much higher).
  • Trade : Has not been the easiest of trades given the choppy action within the triangle. But patience and sitting tight on properly sized long position about to pay off, I think. Now that we have a new scenario with a clear exit plan, the long trade should be easier - exit (or at least temporarily reduce) if breakout fails. 
  • Long standing buy stop-in at 1.1166 filled earlier. [+3x1.1100 & +1x1.1135 & +1x1.1166 = +5x1.1120 average].

5 comments:

Taichiseal said...

Taken profit on half of position.

-1.1246

Taichiseal said...

Rebuild long USD/CAD
+1.1177 (2X)

Canadian Jan retail sales +1.3% = about double expected = triggered USD/CAD sell-off.



Taichiseal said...

Partial TP.
-1.1243

Taichiseal said...

Bought back +1.1205

Taichiseal said...

Squared all -1.1180. Finished for the month.