EURCAD 5-30-07: Trade Exited, New trade Setup

In previous blog, we mentioned we were going to get out at the S4 target due to a huge consolidation area between S4 and Entry 2. Yesterday, S4 was hit so our exisiting trade closed with a 119 PIP profit. Now, a new trade is setup for us with a entry at 1.5078. Notice how close we got to this Entry 2 value yesterday but did not make it. It stopped at 1.5084. This shows that our Entry 2 is at a good value. If the bears win, price will hit 1.5078. This is the first time we are using this currency pair and it is turning out well. Don’t you love the Forex market.
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About the Author Manesh Patel