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EUR/CAD Daily Butterfly Update

EUR/CAD Daily Butterfly Update
Tuesday, January 12th, 2010 @ 2:45 pm by Chris Hall

About Chris Hall:

Chris Hall Chris holds a BA in Information Technology, and before becoming active in the forex sector he worked for 6 years running his own internet services company. Chris' true passion was in trading, which he began on the stock market, but shortly thereafter moved on to forex trading. Learning from some of the best traders out there, he quickly saw how important statistics and probability play in the market, and with that playing harmonic patterns were the way to go and were like second nature to Chris' trading style and personality.

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Update ::

Youtube Video Explaining Trade Plan:  [youtube]http://www.youtube.com/watch?v=KDJUc1gVN9Y[/youtube]

Blog Article: EUR/CAD Trade Plan off a Harmonic Butterfly

Start moving positions to breakeven… at this point you should be up about +232 pips on the first lot and possibly if your second got hit around +351 …  we were a few pips off from getting our second lot triggered but heard some of you took it a bit early so would advise you move both at this point to breakeven and lets see where this euro/cad can take us…

From now on its all about money management since the “risk” management was executed.  Now its all up to you on if you want to use trailing stops or manual stops or targets.

Good work guys!

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