Last week I made a multiple time frame analysis on the USDCAD. All charts were pointing up and I thought it was a good idea to look for long opportunities.
Guess what? Since then, the USDCAD has been going up :)
Last week I got a few emails asking me if I’d close my trade over the weekend and last Fridays CAD news announcements (I think it was the CPI)…
My answer was no. I’ve talked about it in the last few weeks, how I’m going to handle news announcements this year. In essence its like this:
I’ve noticed that when there is an important fundamental announcement, most of the time the market will move in the direction of the market condition. I always trade in the direction of the market condition, so if I have enough pips to set my SL to the break even level, I’ll always let my trades run, even during the most important ones.