Forex Trade Review: EUR/CAD Broken Support

Got a lot of movement on this EUR/CAD pair after the OPEC meetings last week! Here’s what happened to my forex setup:

My short trade got stopped out! So much for counting on the OPEC…

EUR/CAD 4-hour Forex Chart

EUR/CAD 4-hour Forex Chart

You see, I had been expecting the OPEC to come up with some measures to put a halt to the recent slide in oil prices, which might then lead to a rally for the Canadian dollar. I thought they might announce a cut in production to restrict supply for the time being, as the buildup in oil stockpiles is one of the main reasons why prices are falling.

Well, I guess you could say that this was a pretty risky setup, given how price action hinged mostly on the outcome of the OPEC meetings. Good thing I only risked 0.5% of my account on this one and managed to escape with a smaller-than-usual loss:

P/L: -100 pips / -0.5%

For now, I still have my short GBP/NZD forex trade open and collecting positive carry. Think I should add to this position or should I look for a new comdoll setup? As always, I’d love to get your feedback on my trades!

Cheers,

Happy time

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