USD/CAD: Shorting at the Top of the Range – Back-to-Back Win!

Back-to-back Win!: 2011-02-17 | 02:48

Yipee! I scored another win with this short USD/CAD range play as I decided to lock in my profits at .9960 before the end of the week. Aside from following my trading resolution to close trades before the end of the week, another factor that led me to exit early was this bullish divergence that formed on the pair’s 15-minute time frame.

USD/CAD Range Update

Although it was just a few pips away from my profit target at .9950, I thought it’d be better to lock in those profits instead of waiting for the pair to actually hit my PT. I didn’t want to risk missing my PT by a few pips again, just like I did with one of my AUD/USD trades this year. Besides, as I pointed out before, a win is still a win, right?

I’m pretty giddy with how this trade turned out because my % gain was enough to put my account a little above breakeven for this year! Here’s how it all turned out:

P/L in pips: +66 pips on my first position and +80 pips on my second position for an average of +73 pips and a total of 146 pips.
P/L in %: +1.00%

Alright, that’s it for me today! I hope y’all liked this comdoll setup and I hope I can come up with another win next week!

Trade Idea: 2011-02-16 | 07:19

After winning my most recent NZD/USD trade, I think it’s time I try my luck with another comdoll pair!

Just a couple of hours ago I shorted USD/CAD at market after I spotted a consolidation at the 1.0250 area. Not only that, it’s also at the top of the intraweek range on the 1-hour chart!

USD/CAD Range

Fundamentally, the oil-related Loonie has so far been the strongest performing currency against the dollar among the G10 countries in February. I’m crossing my fingers that the Loonie strength continue until it hits my profit target!

Speaking of targets, here’s my game plan for this trade:

Shorted at market (1.0026) with 0.25% risk, stop loss at 1.0070.
Another sell order at 1.0040 (previous week high) with a tight 50-pip stop at 1.0070.

Since I’m trading the range, I’ll be aiming for the bottom at .9950.

Of course, I’ll also be watching Canada’s parade of economic reports coming up this week, from the foreign securities purchase today at 1:30 pm GMT until the big Canadian and CPI reports tomorrow around the same time.

In the meantime, what do you think of my trading plan? Am I missing any factors here? As usual, you guys are more than welcome to share your advice! After all, it was a comment from a friend last week that helped me win my NZD/USD trade!

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Happy trading to you all!

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  • Steve Grycko

    Way to Go…

  • JK

    thanks for the recommendation!! it was really good~~~

    • happypip

      Did you take it, too? How did your trade turn out?

  • NK

    When you post the recommendation, it will be good if you also post the trade as soon as you trigger it. That way we know the status or progression of your idea. After trade report is good but real time info will give users more info.

    Best Regards,
    NK

    • happypip

      Hey NK!

      I usually post real time updates on my Twitter account link to twitter.com… if my trades get triggered and I’m not around any charting software at the time.

      See you on Twitter :)

  • Foricks

    Nice one Happy,  I saw it too late for the R:R to make sense.  I may hold out for a longer term top at ~1.01 (look at the 4hr channel down jsut above the 200MA).

    • happypip

      Ahhh, interesting. Thanks for pointing that out. I’ll keep an eye on that setup, too. Happy trading!

  • RD

    I  took your recommendation and it was a good one.
    Thank You. Keep it going

    • happypip

      Thanks for the feedback! Hopefully I can score another win next time :)