USD/CAD: Playing the Rising Channel – All Orders Closed

Trade Closed: 06-29-2011
So sorry for the late update folks! I was having such a blast chillin’ with my forex buds in my Happy Comdoll Corners. Come and join us if you wanna talk comdolls, too!

Anyway, I closed this USD/CAD trade before the week ended because I didn’t want to wake up to any surprises (again) on the next trading day. I was able to close the rest of my position at the .9820 mark, just where my first profit target was. I ended up with 90 pips on this long trade, for a total of 0.5% gain on my account. Not bad, huh? I could’ve ended up with a loss with the way USD/CAD dropped today! I heard that Canada‘s CPI printed the highest in 8 years!

USD/CAD Chart

At least that put an end to my losing streak. And I’m crossing my fingers that this will be the start of my winning streak. But before I take new trades this week, I would like to credit my forum buddies, most especially my newest BFF SimonTemplar, for giving feedback on my trade ideas. Let’s keep the ideas coming, everyone!

If you’re still shy to post on the forums (although you really shouldn’t be!), you can hit me up on my @Happy_pip Twitter account and my Playing with Comdolls Facebook page as well. I’d really like to catch another win this week and I know you guys can help me.

Happy pipping, everyone!
Happy time

Trade Update: 06-24-11
I finally found a trade idea that worked! Thanks to my friends in my Happy Corner for Loonie pairs, I was able to lock in 90 pips and even move my stop loss to break even.

As I mentioned yesterday, I bought USD/CAD at .9730 as it is near the support of the rising channel on the 4-hour chart. I originally placed my stop at .9640, with my first profit target at .9820 and my second one at .9930.

USD/CAD Chart

Good thing my plan is working out so far! Even though risk appetite suddenly rebounded yesterday, poor economic data from China, Europe, and even the U.S. provided the low-yielding dollar support.

What’s more, the International Energy Agency announced that it would release 60 million barrels of oil next month to make up for the lost supply from oil disruptions in Libya. If that doesn’t scream Loonie bearish, I don’t know what else will!

As happy as I am about my win, I still have to be careful on my remaining position. I already moved my stop to break-even, and now I have 0.5% left until the pair (hopefully) reaches .9930.

So do you think I’ll hit my second profit target anytime soon? News reports tell me I could, but I can’t be too sure. Maybe all I need is another night out with my girls to clear my mind. Does Green Lantern sound good, or do you have other recommendations?

Don’t hesitate to hit me up on my @Happy_pip Twitter account and Playing with Comdolls Facebook page! Oh, and if you’re the forum-type of guy or gal, you can also reach me through any of my Happy Comdoll Corners.

Happy weekend!

Happy time

Trade Idea: 06-23-11

I’m back! And this time I have a long USD/CAD setup with me! Thanks to my friends in my Happy Corner for Loonie pairs, I decided to go long USD/CAD this week.

If you’ve missed our discussion, I should tell you that my friends and I have been talking about USD/CAD’s bullish pattern.

As you can see, USD/CAD has been lollygagging along a rising channel on the 4-hour chart. Also, a bullish divergence had formed yesterday, but I decided to wait for Stochastic to cross and move out of the oversold region. I’m following the 9 Rules for Trading Divergences after all!

USD/CAD Chart

As for the FUNdamental side of the trade, I figured that the FOMC statement was relatively upbeat, which can provide USD a lift in the next trading sessions. Recall that Bernanke mentioned that they’ll keep rates on hold for at least 2-3 more meetings.

Over in Canada we saw weak retail sales figures the other day but the impact on CAD was muted because of Fitch’s warning concerning the US. What’s more, BOC Govenor Carney expressed his concern for the strong CAD, saying that its hurting Canadian exports…again.

I already got triggered at .9730 early today, and I placed my stop just below last week’s low and the .9700 major psychological support. For my profit levels, I decided to listen to Simon Templar from the forums and set my first target in the middle of the channel, with my second profit target near the top.

So do you think my trade idea would work this time? Don’t hesitate to give me a shoutout in one of my Happy Corners! If you’re the shy type though, you can always reach me through my @Happy_pip Twitter account, or my Playing with Comdolls Facebook page.

Looking forward to hearing from you,

Happy time

8 comments

  1. Steve44MCaUSAFX

    Congrats on the winning trade.
    I see the rise slowing and turning slowly downward by Noon Monday PST.
    I would sell once the Get Stoch turn back to 80-75 .
    However, I think it will stall out at 0.9900 – 0.9910 max.
    I hate to see you loss any earning.

    And in reply to our last exchange.  
    Why not just set a 20-22 Trailing Stop for this sucker at this point.
    Then if it kept running up you can just walk along with it.
    If it turns down sooner you can manually close or make it a 15 Pip Trailing Stop. (Those spikes should get you as much as you safely can out of this one.) 

    Any Thoughts?

    Reply
    • Happy Piphappypip Post author

      I just decided to close early since I couldn’t watch the trade while it was open anyway. I’m not used to setting trailing stops, particularly ones as tight as 15-20 pips, yet but I’ve been trying that out on demo. As soon as I get comfortable with that strategy, I’ll try it out on this live account. 

      But you were so spot on in predicting that it’ll turn around .9900-.9910! Amazing! If I kept my trade open, I would’ve missed my .9920 pt and lost most of my earnings when the pair took a dive.

      Reply
  2. snpfx

    i think your second pt will be hit next week, stoch cross to the upside on the daily chart, congrats!!:)

    Reply
    • Happy Piphappypip Post author

      I closed before the weekend, but I would’ve missed that second pt at .9920 by a few pips anyway. Then USD/CAD dropped like a rock afterwards so I’m glad I got out early. 

      Reply
  3. Steve44MCaUSAFX

    Your Chart showes 0.9640 Stop Loss, then I see you decided to go with
    the  0.9700.    Wondering why the change of heart.  Or did you change it only after your trade was going your way and you wanted to minamize any loss.  Seems every time I change my orginal Stop Loss before going to a Trailing Stop of 15 Pips or more I get SL Triggered and miss out on some overall pip gains.    I really only mention this since it seems to be a sour spot for all and wanted some experiance insight on the change.

    Reply
    • Happy Piphappypip Post author

      Yep, it’s initially at .9640. What I meant to say was that it’s located below the previous week low and the .9700 handle :)

      But I moved it to my entry point (.9730) a few hours ago, just when my first pt at .9820 got hit. Watch out for my trade update later!

      Maybe you should make your trailing stop a little wider because 15 pips seems a tad tight. I either move it to breakeven manually when my first pt gets hit, or I trail it by the same distance from my original stop to entry (In this case, 90 pips). Hope this insight helps!

      Reply
    • Happy Piphappypip Post author

      Aww, thanks! I really appreciate those kind words. I haven’t had a win in a while and I’m hoping I could score another one this week. Any ideas?

      Reply

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