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So… the bank of Canada left interest rates unchanged and we see the price return to this previously broken level of support at the psych level of 1.2900. What do you think will happen here? If you were to enter a sell trade, where would you put your stop and take profit? What would the reward to risk profile be?
THE RESULT:
USDCAD has taken partial profit at the 38.2% level and moved the rest of the trade to break even or a possible trailing stop. Profit target is at the 61.8% level.
That seemed easy didn’t it? It wasn’t. Why? Because you had to wait to enter at the right level. Waiting is hard for many. This is why you hear so much talk about having discipline in trading.
The trading concept IS simple. Simple is not the same as easy. Trying to put a golf ball in a hole many feet away is a simple concept however it is not easy to do. Here is the difference.
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