EURCAD finding support
We Have Moved To TheDynamicTraders.com
Afternoon Dynamic Traders
We're drawing to the close of another week on the markets - it's been an up and down week with profits coming in and out. Many currencies are at S/R levels at the moment and in addition to this there's been a lot of news and speculations on the markets what with Greece and talks of a double dip recession. Nobody knows what will happen on the markets, so it's best to keep your ears closed and keep your eyes focused on price!
As you know EURCAD is a trade I'm in. It's been lingering at a key support level all week and today buyers are bumping up price - a classic profit taking reaction. Of course the temptation is to start second guessing the markets and close off positions - what most dumb money traders would be doing right at this point! But nothing's really changed and odds still favour the friendly trend. Yes there's a chance price continues up or starts to range (note MACD convergence), but there's a higher chance price breaks down sooner or later, so keep your wits about you. Should price break the R level above and stop you out, so be it - it's all part of doing business.

SM Trading Mantra - don't break your rules. Break them once and it becomes easier to break them again and again... so stick to your rules!
Enjoy the long weekend. Looks like the weather's been jinxed though .. thanks Zaheer!
Perfect chance to chill at home and get refreshed for a new month of trading.
Sonia Molina
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