Good Morning Dynamic Traders,
I am going away this Friday celebrating my girlfriend’s birthday and back Monday, so I thought I would sneak in an update just before I went.
As tomorrow is the NFP, I wouldn’t be placing any trades even if I wasn’t going away. I will be waiting till next week to see what effects the report brings to markets before I enter any trades.
I thought I would take a little look at the CADCHF, because most of you should be in a trade by now. If not, do not fear, because you still have time to enter a trade.
If you look at the day chart below you will see that we have a tram-track formation, and price now seems to be dropping again. If you missed the previous entry using Type 1 or 2, you can use the next breakout to enter a short position. To do this I would use the standard ESLT on the most recent pivot low.
The trouble with missing a trade is potential to start chasing a trade, which can often end up in tears. If you have missed this entry I have mentioned, it is probably best to wait for the next Type 1 or 2.
Hope you have a great weekend
Carpe Diem
Richard
Tags: cadchf
