Currently I have a position in USDCAD (closed at 1.0523 on friday). I've gone long at 1.0357 and my stop loss is currenty sitting at 1.0187 (170pips). If my SL is hit my account will lose less than 0.5%
Why am I in this trade?
To be sure the current trend for this currency pair is down. However we are at a substantial resistance level which is apparent if you look at a weekly chart. I am looking for this pair to take a bounce up off this resistance level. If this happens I have the option to move my stoploss up to lock in profits.
This is not a trade recommendation.
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Dan