All “on side” and waiting for BOC

We are now almost 300 points onside on our EURUSD and will see how it plays out today and the US wakes up and enters the market. If it closes bellow 1.35 today then we will let it run all the way down to 1.32 and reassess it then. If it doesn’t break the 1.35 barrier today and close there we will have to take some profit and then sell it on the break at a later stage if it does happen. We do firmly believe that there is much more downside for EURUSD but the question is when will it happen? Now or at a later stage. No point of throwing away the profit we made or sitting on it.

For our USDCAD trade from yesterday we are onside 120 points, 60 points and 40 points respectively. If you got in on our Wire recommendation yesterday then you are 40 points onside and I would recommend to put your stop loss at your point of entry and wait for the BOC if you were looking for a move till 1.09. If it was more short term then maybe you are best to keep it till about half an hour before the BOC opens and take profit. On the other hand if you used our Pakers Strategy or the Trend Analysis from the members area to get in and you are more than 100 points onside you should have a look at your risk reward ration and decide if you keep with your trade no matter what, take the profit or move your SL. Whatever it is make sure you make a decision and stick to it as it is a big day for CAD today.

Hope we have been of service and you are sitting on some good profit already, that is it for today and good luck trading.