Thursday, January 7, 2010

$/Cad

The $/Cad is hanging in there. I am holding it overnight but its still early in the trade to pull the stop up closer to entry. As i write the pair is trading at 1.0347 which is about our entry point.

I have done well on wedge trades over the years and i remain optimistic about this one .
They are far from easy to execute as they are counter trend and sometimes the trend takes a while to turn. Remember my Rule 1. THE HARD TRADE IS THE GOOD TRADE.

I am holding the $/Cad overnight and will review the situation at about 630 GMT.

The trade is in line with my Elliott forecast on the Euro$. I will dedicate a post to this topic prior to the start of the London session on Unemployment Friday.

Have a great evening.

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