Again with the Loonie you say? I say, as long as the set up is right, who cares what pair it is? The Dollar/Canadian pair has traded in a 60 pip, or so, horizontal range for the last day or so. There was one spike down (the 0500 EDT bar this morning), but it did not close below the channel so I am going to ignore it. I do that sometimes if the spike is recent and does not close below the channel line. In this case, I'm looking to buy on a close of the one hour bar above 1.2810 or sell on a close below 1.2750. The usual rules apply (50 pip move to break even, 10 pip trailer thereafter, stop on the other side of the channel). I expect this pair to move back up to the 1.2900+ range as it has been doing for the last several days, but the 800 sma is also calling it to go down, so we'll just have to see what it does. We don't care. Either way works. I'll keep you posted.
Happy Trading!
Happy Trading!
