{quote} Thanks for the feedback. You also traded above daily range in your USDCAD trade here, but you got TP instead of SL. http://www.forexfactory.com/showthre...04#post8935404 But then you are a proffessional
But, here is how I see it.
NZDCHF has half the range of USDCAD. It would go to far to say that it's a turtle pair, but in terms of range it comes pretty close.
Cost of business (spread as a percentage of daily range) is high. Going long with an average spread of 1.5 pips in an "iffy" area with plenty of "barriers" is not the same as my USDCAD trade.
Most importantly, ask yourself what was really driving the market today from London Open until NY + 3 hours ?
- tremendous GBP strength
- tremendous CAD weakness
- not necessarily NZD strength nor CHF weakness
I benefitted from CAD weakness (3 x CADJPY) and 1 x USDCAD.
USDCAD was indeed high up in its range, but this was mainly caused by US Red news.
Huge candle, and then came the part I like so much...
Market desperately tries to push down price (note the lower wick), whilst the pair has plenty of strength left for a long trade.
It explodes like a coil and TPs usually between 2 seconds and 2 minutes ;-)
LuXing
Wisdom begins in wonder
........ she has banked some good pips between FrankFurt and London Opening,maybe I should change my mind about pre-London moves..my excel was showing some very good trades from FO to LO