Hey Everyone,
Last week I only took one trade which was on USD/CAD that resulted in a breakeven on October 11,2022. Price has broken above a major double top on the daily which I do not have shown on the lower timeframe for clarity purposes. We have an expanding pattern with three touches with an ascending channel with three touches. The cherry on top was the low momentum candles stalling at the top for 4+ hours. I set my order for a risk entry with my stop above the high(s) for protection. Once price pushed to the downside with momentum, I had moved my stop loss to breakeven as price was sitting around +3%. Price then retraced and took me out for a breakeven which I am happy with. As you can see price then started to move sideways indicating indecision in the markets. The most important thing is I followed my trading plan and managed accordingly.
Last week I only took one trade which was on USD/CAD that resulted in a breakeven on October 11,2022. Price has broken above a major double top on the daily which I do not have shown on the lower timeframe for clarity purposes. We have an expanding pattern with three touches with an ascending channel with three touches. The cherry on top was the low momentum candles stalling at the top for 4+ hours. I set my order for a risk entry with my stop above the high(s) for protection. Once price pushed to the downside with momentum, I had moved my stop loss to breakeven as price was sitting around +3%. Price then retraced and took me out for a breakeven which I am happy with. As you can see price then started to move sideways indicating indecision in the markets. The most important thing is I followed my trading plan and managed accordingly.