Happy Pip

Hmm, it looks like USDCAD did breakout… but to the downside! Despite Canada’s weaker than expected retail sales figures, the Loonie managed to catch some gains as risk appetite took over the markets.

Ugh! Risk aversion turned out to be the theme last Friday, which made Happy Pip a very very sad girl. Yes, yes, I know, referring to myself in the third person won’t help!

What a pity… My breakout trade idea was correct, but I the direction I chose was wrong! Instead of bursting upwards, USDCAD dropped like a rock and broke the rising trend line support. Boo! Time to close my open orders!

My trade looked good for awhile, but once the US session rolled around, we saw another round of selling take place! It’s all good though, my risk is well managed, which means I can fight another day.

Ouchies. No thanks to the weaker-than-expected Canadian retail sales, the USDCAD broke out of its descending channel and reached a new two-week high. Needless to say, I got stopped out.

Talk about being aggressive! Despite my earlier-than-usual sell order, I was still unable to get triggered. Risk appetite was turned out to be too strong, which traders sufficient reason to sell the USDCAD without letting it retrace.

Oh great, I made a mistake on my trade and it proved costly! After being up 80 pips on my second position, I ended up getting stopped out!

Yikes! My trade only went my way 30 pips, but was a good thing I moved my stop to my entry point! I would have stopped out if I didn’t play it tight!

Eww! It looks like the range broke and the pair just fell to the 0.8100 handle. Needless to say, I missed the move downwards.

Finally! Thanks to risk aversion spurred by the usual debt contagion fears, the USDCAD zoomed all the way up to my profit target at 1.0700. It seems that the Loonie got badly hit yesterday despite the strong economic reports from Canada.