USD/CAD Price Action Based Short Reversal
You can’t win them all. I shorted USD/CAD yesterday after seeing a promising reversal set up. Unfortunately after hours of painfully slow movement price went against me. I was able to close this trade out with -7 pips.
In the video below I take you through the trade live. I also explain how I used Price Action to save myself 13 pips by exiting early.
This trade did end up working out in the end. However, I made the right choice to exit. The price action was against me and this trade was definitely over. The only reason it ended up working was because we happened to get some positive Canadian news which turned the trade back in my direction.
In my experience it is not smart to hold a losing trade through news in the hope it will turn into a winner.
Enjoy the video.