Buy at historical support and resistance as seen on the weekly down to the 1 hour chart
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Hello!
I just started yesterday, late. So actually the USD/CAD is my first trade with you. So, when you say buy at 1.0286, but the price is at 1.0282 (current), we need to wait until the price hits at 1.0286 (pending order)? or we go ahead and buy at 1.0282? Because the Cad is now WAY down. You still think it’s going up? Just a nervous beginner with this.
This trade it was supposed to be a sell isn’t it?
Hi Veronica, He means buy at market preferably 1.0286 or that was probably the price Ross got.
Current price actually was what the sell price was showing and the price at the time of the alert. So if you had bought at market you would of been filled with 1.0286 anyway (depending on your brokers spreads) If Ross meant pending order I’m sure he would of stated to place a pending order.
Ouch! Bad luck on that one Ross.
Ross, Could you explain why after we’re stopped out on the first long USDCAD (@1.0286) trade we’re now back in with another long USDCAD (@1.0240) trade? Looks like a total of 7 minutes between the first trade being stopped out and the second trade opening. Why not use a lower stop on the first trade?
Veronica, the comments posted on this blog are made after the entry was posted to the Trade Alert Pro (TAP) so there will be a price difference because of that. I don’t generally place pending orders.
Yes the original trade from 1.0286 was a buy and hit the posted stop at 1.0245. My stops are based not only on technical aspects but maximum risk also. Placing a lower stop on the original trade would have exceeded my risk limits for the size trade I placed. I still believe that these weekly support levels are good technical levels for a bounce…..so the second entry was placed. The size trade and stop now are adjusted to account for the loss on the original entry to fit within my risk guidelines. This is all about margin management.
I have added a chart picture showing weekly support levels at the top of this posting.
The usdcad movement today seems to be more about risk aversion in the equity markets, ie. the DOW and S&P are both up strongly this morning. I’m not sure how much currencies care about supports (or resistance) right now.
Its getting back up there !!!
To enter a new trade with a lower stop loss is the same as adjusting your first stop loss.It is bad practice and will destroy your trading account.
The second entry on the USDCAD has seen 50 pips. I continue to hold at B E looking for a larger move.
I managed to scale out of the first trade overnight (I had my stops lower than yours). Ross, my question is, would you enter again given the larger move expected? The price at the moment is 1.0262 which is 26 pips above your BE trade
Should we still stay long on 1.0240 ?
I’m sure up moving will be till 1.0580 at least, in coming week.
Are you sure Arsen ? So I should stay long at 1.0240 ?
Michael,I just use Expert Edviser,that works with 100% result on USDCAD without stoploss.And it long now till 1.0580.It makes about 9000 pips a year.
Arsen, Whos your Expert Advisor ?
17.Michael D,
I mean automated trading,forex robot.
USDCAD start work to upswing.
Arsen, which robot are you using ?
Hi Ross
Is there ant chance of posting the stoploss at the same time as the initial trade, as I calculate my position size based on the value of the risk.
Cheers
Michael, D I use Cash-cruiser EA.
Hope for soon recovery USDCAD,very oversold now.