Cancel Open Orders: 2007-09-05 07:55

It looks like EUR/CAD didn't quite make it to our buy level at 1.4250 before rallying up to 1.4350...

It came as low as 1.4270 before rallying, and it looks like momentum is changing to the upside. This may be a retracement in the short term downtrend the pair is experience, so a move back down may lead to further declines of the Euro against the Loonie.

Cancel all open orders. No trade.

Trade Idea: 2007-09-04 23:24

Good Evening! Pipcrawler didn't have a new "Pick" for the evening, so he asked me to post my best trade idea tonight. Tonight, we will take a look at EUR/CAD and see if we can profit from its range bound action!

As we can see on the chart, the pair has been ranging for quite a bit now as 240 MA's continue to go sideways, and the pair looks like it is trading just above the second bollinger band. Stochastics are also in oversold territory and may come out soon, but we would like to see the pair tick down just a bit further before we enter long. Here it goes:

Long EUR/CAD at 1.4250, stop at 1.4200, pt1 at 1.4300, pt2 at 1.4380

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Good luck!