Short EURCAD (+44 pips)
Trade set up was defined a day in advance forecasting a potential inflection point that offered the opportunity for a pullback to end. The EURCAD is in a downtrend at higher degree and as a result I have been looking for opportnities to sell it, it was a nervous time of entry as I was looking to sell a currency that appeared to be surging higher. It is important when you have a strategy to follow it. My strategy is really quite simple
step 1: Determine the trend at higher degree (4 hour and daily)
step 2: Look for a pullback against that trend on lower time frame (1 hour and 15 min)
step 3: forecast using wave measurement the inflection area that will be the likely end of the pullback
step 4: take the trade on entry to the inflection zone
step 4: get risk free
Step 5: allow the remainder of the trade to run to target.
This method delivers 2 or 3 trades a week with a success rate (partial profits and risk free) of around 80%, it is dependent on the wave projections and the trend at higher degree both of which I have developed over the last 15 years.
EURCAD is currently risk free wth partial profits booked, the bluebox is the inflection zone and the progression of the trade is shown.
RetiredearlyFX is a trading name of the investment company Bagehotsway.
We are not a regulated company but we only sell regulated products.
We are not authorised to give investment advice.
We believe all figures quoted to be accurate but past performance in no way guarantees future performance
Trading FX is high risk and not suitable for everyone.