Forex/Commodities – 4hr Trading using MT4 (Live)
- AUDUSD – Long
- USDCAD – Short
- USDJPY – Short
- NZDUSD – Short – Crossed out of channel
Canada raised interest rates today and caused a huge surge in CAD strength, in my favour for the USDCAD trade. I had no idea this was on the board today and even less of an idea what the outcome of the deal would have been. This is what makes me a trend trader, I use the charts to see patterns and trends and find a great point to enter.
This deal by Canada come have gone one of a few ways.
- They dropped the interest rates, which would cause the USDCAD pair to go bullish, which would have been against the trend and my position. I coul’dve been stopped out for a SMALL loss and the further bullish movement over the days to come wouldn’t affect me.
- Interest rates kept the same, which would have little effect on the price and I’d still be in the position and in-line with the trend which would be expected to continue.
- They increased interest rates, effectively strenghtening their currency and ramped up the current USDCAD bearish trend. We are in this trend anyway and it only works in our favour. There is no cutting short and we can ride this strengthened trend as it continues.
You can see above how quite often we simply ride a trend for a nice profit, or we cut our losses short, or just by being in a trade, when the news hits and is in our favour it really helps us on our journey!
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A boring disclaimer… coz I don’t wanna be sued and stuff!
The information contained within this blog/website and any information contained in any social media account related to EXF Trading is intended for interesting reading only.
I am not qualified or considered an expert in any aspect of trading and the words which I write are my opinion only and not to be considered correct.
If you trade based on any of my information, you do so at your own risk.
I urge you to do your research and make your own conclusions before considering trading.
You are responsible for your own trading actions.
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