@TradeViper, even a blind squirrel finds a nut once in a while.
Update on USD/CAD - in short, nailed it! First, the chart, then, the analysis.
I shorted this trade around 12:30 PM (UTC -6) yesterday. At that time, price action was at the top of a range from 1.2900 to 1.2700. 1.2900 had been tested twice, as well as 1.2700 so it was a solid range. In addition, CCI was over 200 and Stochastic was over 80 on the 4-hour chart. Fill price was 1.2900 for 1,000 units.
When I went to bed, the trade was around 15-20 pips in profit. My phone woke me up this morning as I had an alert from trading view that this trade was a lot farther in the money. By the time I logged in price had fallen to 1.27951. CCI was approaching the zero line, and Stochastics was between 50 and 20. I thought that momentum might be slowing down (not to mention that was also the mean level of the range), so I closed out 500 units and moved my stop loss to about 10 pips below break even (so if I got stopped out, my second position would still be +10 pips.
A few hours later as my dad, brother, and I were making venison summer sausage and bratwurst my phone goes off. A quick glance shows me that my take profit was hit at around 1.2700. At this point I am flat with price hovering near the bottom of the range. If I could get logged into Oanda I would be looking for either a range breakout trade or a long opportunity depending on what the momentum looks like.
Summary of trade:
1st 500 units - 100 pips profit
2nd 500 units - 200 pips profit
I could have made more money had I not closed half my position the 100 pip mark, but had the market turned around and stopped me out I would have lost on all 1,000 units. Closing out half my position allowed me to bank some profit and eliminate the risk in allowing the second half of my position to run. Better yet, my trade account is now in the green after 2 straight negative weeks.