Got stopped out on the Aud/Usd, up 50 pips. The Usd/Cad stopped out as well for only 15 pips. This if fine, both pairs experienced a strong reversal and if I average 30-35 pips per trade every two days, then so be it. (this would equate to a 350% annual return investing only 2.5% per trade) One or both may bounce in the next day or two, so I will be keeping a close eye on both.
The Eur/Usd has broken above its downward channel. It is not a strong break but it is a break out and the 20 period CCI crossed above the 100 line and the MACD is continuing to climb. Entry price of 1.2141. Short term target of 1.2200 (60 pips), intermediate target of 1.2270 (130 pips) and long term target of 1.2370 (230 pips). Stop loss set at 1.2075 (65 pip stop) Short term ratio of 1:1, Intermediate of 2:1 and long term of nearly 4:1. Keep your powder dry on this trade.
If the Usd/Chf closes down another 40 pips near 1.2690 or if it breaks through 1.2640, the Usd/Chf could drop to 1.2400 if not to 1.2200 long term.
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