Our new Spotlight Trade of the Week (TOTW) is a short on the USDCAD. It’s the same trading plan that just stopped out for a +208 pip gain.
This weeks trading setup for a short trade.
Forex is going through some market conditions that we are fortunate to stay out of due to the power of the trading system we employ. There were no trades listed for last week and given that it was not until Friday after the major news announcements were released, that was a good thing
Before we get into the trading details about the USDCAD short setup, let’s have a recap of some recent “trades of the week”.
- On 4/3, the USDCAD long trade stopped out at 1.2844 for a + 208 pip gain
- On 3/28, the USO long call trade stopped out with a + .23 gain
- On 3/31; our EURAUD long trade stopped out with a + 60 pip gain
- On 3/23; our T long call trade stopped out with a -2.76 loss
- Our HYG put trade is still valid but hasn’t triggered in yet. Stay tuned for updates.
Short USDCAD Trade Details
- Short at 1.2722
- Trade Management – at 1.2635, move the stop to remove the risk from the trade. We will begin trailing our position from this point onward
- Take 20% profit at Target 1; 1.2424
- Take 20% at Target 2; 1.2261
- Take 20% at Target 3; 1.1758
- Take 20% at Target 4; 1.1320
The odds of hitting the bigger targets are pretty slim. We will exit the remaining part of the trade with our trailing stop, as normally do with Spotlight swing trades.
This screenshot shows the long trade that just closed for + 208 pips and the newest Trade of the Week
For a detail walk through of the USDCAD swing trade we are anticipating, this video will highlight all the important details
We have hit our MM Level (money management) which means stops must be moved to eliminate the risk on this trade.
Move your stops to 1.2687 for a guaranteed + 35 pips of profit, worst case scenario. This trade is moving in the right direction and has the look and feel of bigger gains to come.