20110407 - USDCAD Trade Plan

Bullish butterfly formed, with PRZ around 0.9582 and 0.9573. Candle tested PRZ and pulling back (not completed). Placed a buy order at 0.9578, with SL 0.9533, which is just under 141% retracement of the pattern.

As USDCAD is in long term bearish run, TP is set at 38.2% retracement of CD at 0.9655.

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20110406 - EURUSD Trade

Bearish butterfly formed, with PRZ 1.4296, 1.4302, 1.4307. Price momentum slowed at PRZ. Direct short as price was turning down from PRZ. Day shadow 97pips, actually abit longer than usual. SL was a challenge because there's no clear resistance on top. Put at 1.4320, which is slightly higher than 141% retracement. TP 1.4345, around 61.8% of CD.

SL triggered after 4h10m. Always a challenge to set SL when there's visible no resistance (based on Ichimoku or EMAs) on top. Actually a warning sign was when price retraced 38.2% and resume run, a sign of continuation! Should take note.

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