Published: June 25,  2019 12:25 pm est


by Tom Kadale,
Contributor Market Analyst
NewsmovesMarketsForex

USDCADRates by TradingView
Here’s a LIVE signal from our algo for USDCAD. I’m posting it to demonstrate how our subscribers can leverage a trailing stop strategy.
 
Here’s what I have done so far… Last night I received this signal alert from our algo at around 9pm EST. I was busy working on a project and decided after a quick glance at the charts to trade this signal using my usual Rule #37, up to 3 lots at the MARKET and 7 lots at the LIMIT.
 
My 1 lot MARKET order was filled near the LAST QUOTE, while my 7 lot LIMIT order remained pending. I used the exact levels provided to me by our algo for both trades.
 
I initially planned to use my 1 lot order as a TRACKER, but after waking up this morning and seeing the price action working in my favor, I chose to trail stop this order by leaving the Take Profit open.
 
As of 9am EST today, I’m letting my LIMIT order close out at the Take Profit but will let my 1 lot MARKET order continue open with an adjusted Stop Loss.
 
The adjusted Stop Loss I plan to use will be at the EMA 20 level. I plan on closing out the position before 5pm EST today or sooner, if it exceeds my personal profit threshold of $500, …whichever happens first. Trade FX differently.
 
Learn how at RagingFX.com
 
 

 

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Mr. Kadala is an internationally recognized writer, speaker, and facilitator on topics related to FOREX trading. He is also the founder of RagingFX(r), a self-learning algorithm that generates FX signals for its online subscribers – RagingFX.com.
 

From the RagingFX Trading Desk… Tom Kadale, Forex Algorithm engineer RagingFx.com and Guest Contributor Market Analyst for NewsmovesmarketsForex