Hi all,

I’m not back to full swing as yet… remember I was talking about the EUR/CAD last night? Well, it did go higher in fact, it went up to 1.4690 and is currently sitting at 1.4641. I should have kept it at the 100 pip limit order when I took profits at 1.4500!

I have just gone long USD/CAD at 0.9937 with a 100 pip stop and target, I’ll see if I can hold this. The reasoning for the trade starts off by looking at the daily chart.

If you look at the stochastics, you can see that it has turned towards the upside already. The MACD also looks like it is going to cross for a long. However, I realise that I am a bit early on the trade as it is still a possibility that the price action may bounce off a Fibonacci level (it is currently at the 38.2 level) and head lower.

I have made this trade on both my live account and the Forex Project’s Contest.

I hope to get back into the S&P emini trading tomorrow also.

Tags: daytrade, emini, foreign exchange, forex, forex project, stock markets, trader, Trading, usdcad

I’ve closed my EURCAD long as it hit resistance of 145000… I wasn’t sure what would happen from here.

I got around 50 pips which is a nice profit nonetheless.

The market could easily go higher now and reach my intended 100 pip target…

I am not sure why my broker had put the price to above 100 pips when the market was closed. Nevermind though..

One of my biggest trading nuances is that I can’t seem to hold onto winning trades.. I hope this will improve in 2008!! 

Tags: daytrade, daytrading, eurcad, foreign exchange, forex, position trading, resistance, technical analysis, Trading