TRADE, USDCAD, 16.9.2016

TRADE SUMMARY: USDCAD has run a long way up without pull back. It has breached already one supply zone, and one resistance daily zone without stopping. With rejection and SFP like style, I have expected that this run might be over and we would have to drop lower. I was wrong and positive news took this pair higher, taking my stop by 1pip :). Next.

Good:

• already exhausted run
• decent rejection candle around SFP signal

Bad:

• still strong W resistance ahead, SL was adjusted above previous high, but weekly high might have been a better position for defence

To Improve:

• Take the FULL ENGULFING setups only
• Monitor success rate of SFP over period of 20trades

Result:

-1R

SCREENS:

D1

H1