Today’s chart of the day, USDCAD, has broken out of a large area of resistance. The 1.2980 area is visible on both the hourly and daily charts. We had a solid punch through the area during Thursday’s trade, meaning I am now looking for a return to the area.
Upon return to the area I will look to buy, and am currently bid 1.2976. My target is currently 1.3045, my stop is 1.2927. This gives around 1.5R. The order is subject to change, should new structure form ahead, thereby changing the trade dynamics.
I often have my charts in a tiled view on MT4 – it allows me to look at 15 markets at a glance and see what’s happening in my markets. Now I’ve found a way to change all chart timeframes, on every single market, at once. Read on..
Building on concepts from a previous article on the risk-reward relation in trading and how it corresponds to winrate, I’d like to explain with some concrete maths behind it – the forex market random walk. Read on..