Usd/cad

[illiquid]

Relevance of one's stops will match the entry.

If your enter positions at meaningful junctures (whether technical, fundamental, psychological), your stops will have meaning as well.

If your reason for entering a position is because "it's up/down too much", then yes, your stops will be meaningless. But it just so happens that these are the situations where having no stops will blow you up. The solution in this case is obvious: don't do the trade.

 

[Ivanovich]

RSI can be a valuable tool - and I classify that as "it's up/down too much".

 

[illiquid]

If rsi gets you in the trade, how does it get you out in a strongly trending market?

 

[jerry11901]

Quote from OfmY:

gambling is trading with 20 pips SL.

If I use 15min chart to enter the trade, 20 pips stop is perfect.

 

[Ivanovich]

Quote from illiquid:

If rsi gets you in the trade, how does it get you out in a strongly trending market?

You don't use RSI to get you out. You use it to confirm the time you should get in to go counter a trend. It's a "bounce locater" if you will.

 

[Jeannette]

Quote from illiquid:

What is your target? Also curious as to why you seem to have bearish leanings towards cad. Seems like one solution to prolonged elevated energy prices would just be to annex/buy out our northern neighbor.

With a total debt for the U.S. now of around $40 trillion, I believe a better question would be who's going to buy your country out.

 

[Ivanovich]

It seems you've riled someone from the North who decided to join our party a little late, Illiquid. Be careful, they have mounties!

 

[ForexPro]

Closed my 1.136 short today at 1.1335, seems soggy here. I think it will bounce upto 1.14 from here

 

[late apex]

Impressive exit, at the exact low tick (offer) of the day, or even below that, depending on the feed.

 

[Ivanovich]

I was thinking that myself.