EURCAD 4-25-07: Update

The Currency pair has gone against us this morning. Please see charts below. “The Kijun Sen is in love with the price and moving towards it drastically”. If price and Kijun Sen cross then out sentiment will change and our stop will be triggered.
The new stop based on the Kijun Sen is at 1.5348 + 5 PIP(buffer). Even though it looks like the trade went against us, trade the PLAN. You never know what will happen so do not alter your mindset or your plan. Remember, you want to be consistent in the way you trade.
eurcad_daily_4_25_07.png
So what happened? Well, as my mentor mentioned to me this morning, I did not do the following: “the goal is to always see beyond the single trade”. What does this mean? I did not look at the weekly timeframe to see the BIG PICTURE. Here is what the weekly chart looks like:
eurcad_weekly_4_25_07.png
Notice the chart shows a Bullish sentiment with the Kijun Sen very bullish. If we get stopped out, it will be a learning lession. You will have some learning lessions along the way which will cost some PIP that but is ok. That is why you trade with mini-contracts for 1 year during the learning “phrase”.
For EDUCATIONAL USE.    Commodity Futures Trading Commission, Forex, Futures, Equity and options trading has large potential rewards, but also large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results. All information provide d on the Blog is for educational purpose .

About the Author Manesh Patel