Traders! Happy Moneyday to you all!
I had a wild weekend so I am double thinking my actions today after I made a few mistakes over the weekend. (lost my wallet on Friday, I left it on top of my car and I drove off... worst Friday of the year!)
I was also away for quite some time from the markets and I kinda needed the time away to rest and refresh, the great thing about this rest is that I came back with a better approach of working. From today, PipsMatter is a 100% free traders blog and community. You are welcome!
Ok, I am running against the clock this morning, I have to go apply for a new ID and drivers license so lets shoot straight into this trade idea on USDCAD.
USDCAD Daily Chart
Here's my trade idea. I took a long trade on USDCAD, I am aiming for the minal profit target based on my TP zone.
As you can see, the yellow zone was broken because USDCAD gapped up in the early Asian session. Currently price is testing the yellow trend line and I believe we could see price head higher from this area and slowly head towards my TP.
- Stop Loss: 107 pips
- Take Profit: 423 pips
So the risk/reward scenario is solid, just over 4 to 1 which is superb but it will take time to reach.
I dont expect to reach my TP today or tomorrow but I believe I can be there by sometime next week the latest. So the lifetime of this trade idea is between 5 and 7 trading days.
Thats all I have for you today. Have a prosperous trading week and i'll catch you guys later!