Is a Bad Idea? Usd/Cad

Hi there! I read expectations about Usd/Cad this morning and many people have the same idea apparently: The Usd/Cad is bearish, so... Sell! The criteria on fundamental analysis: building permits fell 3.3 % against 4.2% the drop was expected, and we see a PMI strong improvement. But, I never trade the news. I only follow technical analysis. For that reason I buy the pair USD/CAD (and not sell like others). Of course I can be wrong, and the possibility exists. Whenever I enter a trade I have two possible exits: Taking a profits or taking a loss. This is trading and maybe you are an excellent on fundamental analysis, very smart one. But you face too, the 2 exits when you enter a trade.

So, I've hearding and reading many traders says... Sell, sell USD/CAD. You can listen a guru saying sell, sell. But you are a serious trader, and not need opinions from 3rd parties saying what you need do. Your work as a trader is to make your own analysis and trade your method. If your method or system says you sell. Sell! Not trade under the analysis of others.

I find a good level to entry on Usd/cad... So, I buy the pair, calculating my risk as always and take the trade. You can see in the chart below.

My criteria to enter long: the 88.6% Retracement(the last potential reversal zone). The left congestion area supports my idea. Of ourse, I can be wrong. And if the price broke down I can sell looking for AB=CD pattern and is ok. I afford taking a small loss. For many that's mean "revenge". But no for me; Revenge is when you not planning nothing and take irrational trades wanting cover the initial loss.

I no trade stochastics but I show you Bearish signals inside the yellow circles. Another reason why many traders think the pair goes down. My opinion is: Stochastics provide us many false signals. I don't know if stochastics works today, but in the past not work well for me. Maybe I am stupid using this indictor.

So, I move my stop to break even as you see in the chart above, because the pair not move much the last 2 hours. I move to eat something or watch a movie. You not need sit in front of the screen all day long. Go out and playing with your dog, do excercise, go to buy beer( mmm... forget, not do that). Practice a sport... You need a fresh mind to watch the markets. Not stressed you.

Is a bad idea take a Break even trade?

Our first goal in trading is "Survive to trade the next day" So, I feel good with this.