BAM!!!

BAM!!!

We nailed the triangle something fierce.  What a great break out.  At the time of this posting the Eur/Cad is sitting at 1.3930, this is 120 pips on the break out.  If you are trading minis, the pip value is $0.85 per pip, this is equivalent to $102, or $1,020 on full size accounts per contract.  We started with a 100 pip stop loss.  I am going to adjust my stop loss to the entry price, this will guarantee no loss on the trade, gives me a 120 pip stop loss and the entry price is, interestingly enough, the 67% Fibonacci line based solely on today’s move.
The Euro broke below the 1.1850 mark I have been waiting for the past 3 months.  I think it is a good time to watch for an entry.  I am extremely excited, this appears to be the break out and the end of our flat, erratic non trending market.  A trending market can be a real cash machine.  Have a great weekend and successful trading.