Selling opportunity for USDCAD

Nov 29, 2019

Let's see if the price would continue to charge up towards 1.33 price level before breaking down.

Note that if you sell now before the breakdown, you need to prepare a much wider SL to cushion and be patient enough to hold out longer.

Be patient and wait. There is again no guarantee that price action MUST retreat from 1.33 (we are merely basing on historical pattern) and breaks down. It could go up higher by a 100 or 200 pips before coming down, like in Jun and Sept this year.

Be patient and wait for the tide before going out and surf!

Dec 2, 2019

Note

see how strong this pair is. If you short prematurely, then you would have to have a much higher SL and also tie up your available capital to take on other opportunities. This will foul your trading mood as you stare in the red each day you turn on the PC while waiting and hoping it reverse sooner than later.

Remember we are trend followers so follow the trend not decide the trend or dictate where it should go. It could go much higher than 1.334 before pulling back and if that happens and you are not willing to accept losses, you are likely to keeping stretching your SL wider and wider while seeing a higher drawdown. Been there, done that, does nothing for the ego nor the pocket. Burnt a few portfolios, made same mistakes several times due to greed, ignorance and over confidence.

When your funds are so low and you are so desperate to trade to make a comeback, that is when reality bites and make you really really be cautious. It does not matter if you make cents profits so long as you stick to your strategy of following the trend and not against it. Easier said than done and I believe only experience would truly make a trader learn his lessons.

Don't make the mistakes I made though I still receive same emails or PM about this. I can't share your financial losses but I know very well the emotions you go through.

Stay strong , stay in the game.

Dec 3, 2019

Note

rejection coming on strongly at 1.3314, now wait for it to gather more strength to break down, that would serve as confirmation.

Dec 4, 2019

Note

you can now take a small position to sell as the price has breakdown from the bullish trend. Note that this move is not aggressive and there is a possibility that the retracement might return the price action back to the bullish trend line and hit 1.33468.

Thus, if you want to sell now, you need to adjust your SL above 1.33468 which naturally increase your risk and time to take profits. If you are comfortable, then it is OK, else wait.

Dec 4, 2019

Note

For those who took the move, blessings to you as it plunge down heavily. Those who are not in yet, don't despair. Wait for the pullback.

Jan 6, 2020

Note

2922 pips profits for holding about 1 month. Is this good enough for you ? Glory to God

Or would you prefer to go in and out each day to squeeze out 50 pips profits and pay frequent commissions to your broker?

For those who have yet to join us, don't despair. There is more to come....