Suggestions/Advice about USD/CAD trading?

I am completely new to FOREX, I have traded on the stock market in the past so I am somewhat familiar with charting and common terminology, affects of news etc. I have also worked in a company that pays for things in USD, as such I have a pretty good feel for the upturn and downturn of CAD vs USD.

I am planning on doing $100,000 buy/sell on the upturn and downturn of USD/CAD, I do not intend on doing much hour/day trading on currency. I will be looking for strong high or low resistance and holding for 3-14 days for the currency to fold back into normal range. I am aware that this time of position only becomes available ~10-15 times per year. But IMO seems like a pretty safe bet without getting hugely involved with currency trading and will allow for pretty decent returns.

Given that I may not enter at the bottom or top of a given roll I intend on giving myself a $0.015-$0.02 allowance for loss while holding if the currency continues to move in the wrong direction as I am holding.

Anyhow I just wanted to get some opinions on this type of trading ?

I also wanted to know if anyone is aware of a live charting program which allows one to view currency and commodities at the same time … mainly interested in viewing CAD/USD and OIL at the same time.

Try Meta Trader4 Platform, Get it free from Wall Street Brokers , they allow demo accounts for free which you can watch the market moves & do trades.

I agree with the above post, before you start throwing your money away, test your theory on a trading platform that allows you to backtest.

Purely from reading your strategy, it sounds very risky and would be outside my tolerance level. However everyone trades different.

So test, test test…

And place stop losses!

Yea very risky, wasting your money in a moment.
And yea place stop loss.