Premature Reverse Vanilla Trade USD/CAD
I took a trade this morningĀ on the usd/cad seeing my grid setup that the 1 minute boxes indicating the leading indicators were coming together, the rest of my L-lines fanned out and saw a bottom support level at 1.2605. The 5 minute chart showed me a dark bandshade fibonacci level, I got in with 2 lots to at 1.2626 for a potential 20 point target. I added my stop/loss and watched it as it went against me about 15 pips before it jumped back up to profit mode, closed 1 of the positions, because I saw a lower low being made. The price held at 1.2623 and then it started to reverse, where I closed at a total of +13 pips. This was moderately risky since its premature and it does not show any boxes until the price moved u to 2644 – 2645. Then I saw the 5 minute red boxes on the grid, about an hour later it hit the L-7 line on the 1 minute chart (which is another 30 pips). Next time I’ll hold longer
when I challange the fear on a duo. Safe trading.
I see that the moving averages work well on reversal of trends