July 11

Quick post today, just want to go over the last two trades I took the other day. USD/CAD long and AUD/USD short. Managed to close USD/CAD for +2% profit, meanwhile AUD/USD turned around and took me out for -1%. usdcadddLooking at the 1H chart on USD/CAD, I could see price was riding the 50ema higher and higher. Price was making higher highs and higher lows with very solid support at 1.3035. I took this long as I saw price was decelerating after a higher high. I entered long at 1.3056 with a stop set at 1.3017, safely below the 50ema. I was eventually taken out for +2% while I was sleeping. AUD/USD on the other hand was a bit different. audussdI hedged this position like I usually do when I trade USD/CAD. I saw a triple top on the 1H chart and figured I could hedge this with USD/CAD. When I woke up my USD/CAD position had been closed. My AUD/USD position was nicely in profit when I went to work. As I was at work price began to pull up higher and higher and eventually took me out for a 1% loss. When I look at the Daily chart though I can see a potential short once again. There looks to be a double top forming on the daily with bearish MACD divergence. Lower price is coming. Higher price is coming for USD/CAD.

Happy Trading!

Disclaimer: This is not investment advice. These are trades I have taken and by the time you read this will have already come and gone. These are not signals and this is not a signal service. Trade at your own risk!

Published by MyFX Blog