During our NY Trade Planning Session for forex Members this morning, we identified 2 possible entries on the #USDCAD that were there for traders who were willing to risk 10 pips.
Turns out the 10 pip risk on the #USDCAD was definitely worth the potential reward for traders who got positioned in the trade.
Here is a screenshot of the 1st entry we talked about in the planning session
Here is a screenshot of the 2nd entry we talked about in the planning session during our recap of the trade plans
Here is a screenshot of how the price action moved during the NY Session on the #USDCAD
Bottom Line for Forex Traders
The #CAD moved up 135 pips from our 1st and 2nd entry at 1.2595. That is taking a risk (10 pips) for a max potential of 13 times our 10 pip stop. Now of course we never know how far a pair will move whenever we enter a trade and in fact, nobody does.
At the Price Action Traders Institute we train traders how to get at least 2 times their risk (and a whole lot more!) out of most trades. We are adamant about getting flat at the end of every session we trade. We take our profits (and losses) and call it a day…we come back refreshed and ready to trade the next session.
Join our Membership of forex traders and learn why our group of traders are so darn successful.
“We are adamant about getting flat at the end of every session we trade”
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