I got a perfect entry in the USD/CAD trade around pre-London on Friday. I had set a 30 pip stop loss, and when I woke up the next morning around midway through London(I am in the USA), I was about 50 pips positive. I then moved my stop loss to 15 pips positive(an ABSOLUTE MUST, because the market can reverse ANY TIME, so its better to walk with some profit rather than a big loss). The trade went my way for about 70 pips, before it decided to reverse. I was actually banking on continuing upside on the DOW Jones which would have created enough dollar weakness to pull my trade down to the target, but the DOW ended up losing ground, and the USD gained strength.
As you can see, I was expecting the breakout to continue upwards, but it decided to dip a little further, knocking me out. The hourly 55 EMA has still held, so there may be continued upside on Monday. We just have to wait and see.Check back tomorrow for Monday's trade idea.
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