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.