SMALL 46 PIP TRADE ON USD CAD ~ best trading system on forex factory
This short trade was done as the pair continued to break above the Range setup on its Daily Chart. It was already close to the target of this Consolidation breakout and was always expected to provide a small number of Pips. If the exit point was correctly chosen here, we will see a pullback in the pair by the end of the week to confirm the decision.
DAILY CHART - RANGE BREAKOUT
The Breakout Equivalent is the price target to which all Consolidations head towards before pulling back. It is an ideal place to exit trades since this pullback often leads to a reversal or a long period of sideways movement before the trade continues.
The breakout was part of the resumption of the overall uptrend above the Outer Uptrend Line following the break above a Downtrend Line.
DAILY CHART- STRONG UPTREND
Trades such as these are ideal for those who focus exclusively on the smaller movements on the Currency Market. They can, however, be very risky given the tighter Risk-Reward ratios that they would offer given the average size of Stop Losses needed to be used on the Daily and 4 Hour Time Frames.
Happy Trading!
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Duane Shepherd
(M.Sc. Economics, B.Sc. Management and Economics)
Currency Analyst/Trader
Contact: shepherdduane@gmail.com
Twitter: @WorldWide876
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