Wednesday, November 5, 2008

11-5 GBP/CAD and EUR/USD

After looking at several good setups last night, some of which came to offer very good trades, I focused on a couple of pairs that were setting up nicely. The GPB/CAD, which I don't trade that often lately because of the HUUUUUUGE spread, was in my opinion, too good to pass up even with a larger spread. After a day of consolidation at new lows, I got a close above TSR as seen on the 15 min chart. I entered the trade and within the hour had secured a nice profit. I am hoping this will turn into somewhat of a position trade with all of my profit already out and only 10% remaining. The next set up happened on the eur/usd. After a close above TSR and with the flows of the week up, I waited on a retest of the level that the euro had struggled with for the last few weeks, the 1.3000 area. After a confirmed bullish close above, I took the retest of the area. The TSR was really at 1.2980-90 but the trade paid 20+and I got stopped out with just a few pips.