USD/CAD Buy Setup Continued...

It’s been a few weeks since my last post on the USD/CAD. Not much has changed in regards to the buy setup. My target for buying at the beginning of October ’07 was between .9800-.9700. It’s been range bound with lots of chances to get long within this range and make some money. The first entry just was just below the .9800 handle at .9780. Price rallied up to .9893 before making a move lower to the .9700 handle where it bounced around in a 50-100 channel before breaking lower to .9631. I am long again at this area as price is hitting key support areas which also coincide with monthly, weekly and daily value levels. Once hit, these areas usually produce some nice moves in the intended direction, to the upside in this case. To make it as a successful trader you have to be willing to step up to the plate when everyone else is doing the exact opposite. I can’t tell you how many people think I’m crazy for taking this position. That’s how I know that the odds of me being on the right side of the market are in my favor.