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I hope you’re coming to the FXStreet international trader’s conference in October. I also want to let you know that I will be doing a very small seminar for 2-5 people that same week, in Barcelona.
There’s a possible buy trade on the pair if it prints a bullish candle here at the bottom of the channel. Also, if the pair closes outside the bottom of the channel, I am going to sell, using the Winnipeg (red) lines on the outside of the channel for the profit targets.
The USD/CAD broke out on the downside of the channnel below, and it has already started to hit Winnipeg lines. I am interested in seeing if the pair can actually get back up to the bottom of the channel that was broken for a Winnipeg (sell trade). If it rises back up and touches the bottom of the channel, I am willing to sell the pair. Stop loss if the pair closes back inside the channel. Profit target would be the 100% Winnipeg line at the very bottom of the chart image (that’s a target equal to the width of the original channel).
Of course, I would also want to be ready to see the USD improve, and I’d be willing to reverse my trade and buy the pair if it closes back inside the channel and stops me out of the short trade.
