Quote:
Originally Posted by trader123
My System signals SELL for USDCAD
Canada's dollar advanced after a government report showed the nation's employers added more jobs in August than economists forecast, indicating the Bank of Canada may refrain from cutting borrowing costs next month.
The currency remained higher after a report showed the U.S.
lost more jobs than forecast in August and the unemployment rate climbed to a five-year high.
Both Stochastic and Comm Channel signals SELL for USDCAD
Shorted 10,000 USDCAD at 1.0654
Stop level at 1.0785
Target level at 1.0487
Chart: Forex & Binary Trading: My System signals SELL for USDCAD
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On 5 September I had shorted 10,000 USDCAD at 1.0654, stop level at 1.0785, target level at 1.0487.
USDCAD had moved in my favour to 1.0571, profit is up 83 pips, US$77.62.
Non-farm payrolls fell by -84k last month, driving the unemployment rate to a 5 yeer high of 6.1 percent. This signals that US economy is getting very near to recession stage. Weak US economic data may weaken USD temporary.
My system is still signal SELL for USDCAD.
I had removed my stop level at 1.0785 and set a 30 pips trailing stop instead.
Trailing stop ensures that some profit is secured in this trade. With trailing stop, my stop-loss order is adjusted continually based on fluctuations in the market price, always maintaining 30 pips above the market price.
Chart:
Forex & Binary Trading: USDCAD's trade profit up 83 pips