October 14, 2019 USDCAD short position. Closed profit: 8,0%
After a three month consolidation period retesting key weekly support at $1,333, forming a nice weekly H&S patterns as well as a daily double top, price fell once more to create a larger daily bearish channel. After the break out of this channel with momentum our strategy parameters are set to armed and when the entry occurred all out bespoke indicators gave us a "go" for 'launch'.
After the break-out with momentum all our strategy prerequisites and bespoke indicators were giving us the green light that this trend would now continue. The trade ticked off a clean 80% score on our ‘pre-flight’ checklist.
PROFIT TARGET 1 HIT
So far one entry managed as a hybrid, meaning a quick 1:1 was realized but took almost 3 days. Since we know from our trading journalling software not to mingle with open trades as more often than not they end up being a winner, even if it takes a while. And in this case our stats were proven right once more. We now have banked a nice profit and our remaining position is at break-even still running risk free.
Our strategies dictate that sometimes we can take a second entry during a massive move up or down. In this case the entry presented itself while the 1st position already banked us some nice returns and was still running risk-free. Within 1,5 days our 2nd position had also banked us a quick 1% return and was now also running risk free. Let's if this trade can make it to previous lows at $1,3050 for max profit.
After 8 days we were taken out of the trade as the market started to decelerate and knocked us out of our two remaining positions, closing us out for a total of 8% in profit. Textbook trade, traded and managed exactly to plan.
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