Wd., July 16 Forex signals

There were no signals on Tuesday and today’s signal was not triggered as the market continued moving sideways.

We traded news in USDCAD this morning:

USDCAD Buy 1.0776 SL 1.0750 P1= 1.0796 P2= 1.0806
USDCAD Sell 1.0750 SL 1.0776 P1= 1.0727 P2= 1.0716

This news trade was a real-life example of the worst price move scenario in action. Unfortunately days like this happen from time to time and one just needs to cope with the losses they bring.

Right after the news release the price dropped sharply triggering short positions. As soon as our short orders got filled the price turned 180 degrees and went up triggering stops of our short orders and simultaneously opening our long positions. The up move was not far enough nor was it long enough to make any profit. The following down move forced us out of the long position. The price ended up going nowhere and we ended up losing -198 pips.