Trade of the Day

Today’s trade is the Canadian dollar and it occurs as the Can GDP report was released at 5:30am PST.  This was a risky trade in that we are buying the market before the report’s release, if we’re quick enough.  The two bars circled have the same high and closed green and together with the supports of the Moving Averages lines and the Parabolic SAR triangles we have reason to believe the trend will continue up.  Knowing that, we could also put a sell limit order in at the resistance level of an even cent of 77.000 for a $225 profit in two minutes.  Otherwise we would move our stop loss order up underneath the next red bar after the move at 77.915 for a profit of $140.