Forex $1 MM Challenge - Trade #5 (2-7-19) Sold USD/CAD
I talked about this set-up the other day.
Forex Analysis Report 2-5-19...Goldman Sachs Expects More Declines On USD/CAD
What's really cool is the levels Goldman Sachs are looking at, I had already plotted...the Smart Money and I are looking at the same levels.
Today, I shorted USD/CAD when price returned to the daily supply at 1.32700, but was stopped out 4 hrs later.
So why didn't the trade work out, it met my criteria for a trade?
Renewed pessimism about the strength of the global economy led to the down turn on Wall Street Thursday after European officials slashed their forecast for economic growth this year and the Bank of England warned that the British economy is set for its weakest growth in a decade. Thus, oil a great barometer of the economy fell more than 2%. And so the Canadian dollar fell against the US dollar.
It's all connected and all part of intermarket analysis, which was why I was able to grab 48 ticks shorting the S&P 500 futures despite getting stopped out on the USD/CAD trade.
I knew oil was weak today, but I MUST take every trade that meets my set-up because I don't know which ones are going to work. Again this GAME is a probability game. Thus, if that USD/CAD trade set-up happened 100 times, I would take that same trade 100 times because it met my trading plan.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
I guess i still need to attend more tutorial class a lot to get to know about how this trade works
The right education is the first step.