The Canadian dollar has never been an easy-to-trade currency. It usually produces messy, choppy moves and will sometimes bore you to death with endless sideways price action, especially during the Asian session! Oh well.
@Tradex are you still in the position? I took a small bet as well. If you don't mind being explicit when you exit that would be appreciated Thanks
Curious why you are trading it if you already know this? In another thread you advised trading what is moving now and not specializing in one instrument. I have no clue about forex.
Hi, Yes of course, I am still short EUR/CAD. At +50 pips (if it gets there) I will move the stop to break-even. Like mentioned above, the exit is dynamic and cannot be known in advance. However, I will post the take profit target 15 minutes (or so) before closing the position on my side.
I trade it because I have a trading signal, even though I don't particularly like this currency. Sometimes you take a position on the Canadian dollar and then it moves fast (producing spectacular profits along the way), and sometimes it does not move that fast and we just have to be patient. Another thing: we cannot trade something just because it is moving (up or down), we still have to wait for the "perfect" setup. Trading ANYTHING that moves is the fastest way to the poor house, in the long run.
This is a scary counter-trend position on what appears to be a possible breakout in progress, see my thread here: https://www.elitetrader.com/et/threads/cad-chf-ascending-channel-on-the-4h-chart.345744/
Now you’re short synthetic EUR/CHF from 1.082. You’re out of CAD altogether... so why trade EUR/CHF if you want exposure to CAD?