Today I placed double entry orders on either side expecting a sideways market. A breakout to either direction will trigger a long or short trade.
The markets are still in upheaval after the US credit rating downgrade. The economic calendar shows medium impact news for Canada being released on Thurday the 11th.
The major risk here is a large bounce between entry orders. That would have me stopped out at a loss for both orders. However, I did put my orders out of the range of medium volatility. I only want the order triggered if there is a clear movement long or short.
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As always I will keep you updated with how the trade goes in the comments.