 Hello, welcome to this week's CMC Markets currency snapshot with myself Jasper Lawler. This week we're going to be looking at how to manage a successful breakout trade. This is a follow-through on last week where we were looking at the management of a failed breakout trade. So being a bit more positive this time, both are very important to your long-term trading success but this is almost the other end of the scale. So what we're going to do here is we're going to look at the dollar Canadian currency pair. This is tracking back to March 26th when we did a snapshot on the dollar CAD, potentially breaking down below 124. Now as it happens that breakout did follow through and reach a pattern objective but we just want to follow through how you can manage the trade both on an entry and an exit and throughout and how those different factors could have affected how the result turned out. So this is the dollar CAD currency pair. This is the daily candlestick chart. Now the down-pointing arrow that you can see around the middle of the chart around that March 26th date is when we had that last snapshot video. So just highlighting the possibility that prices may break down. So what happened was that price held the 124 support and bounced up almost as high as 128 in the top of the range. Now you can see I've highlighted here it says support holds, that's the 124 bounce and at the top here we've got a lower peak with a bearish candle. So that's one of the sort of first indications if you like that maybe prices is looking like a bit weaker than it has been. Still within the trading range but it's one piece of information. So price does subsequently drop down again. Now what we get here is a false break of 124. So anyone who was had perhaps a short order beneath 124 potentially could have been caught out there depending on where the stop loss has been placed because it dropped below 124 but subsequently bounced right back up again and then you can see I've labeled here it said another peak with a bearish candle, another lower peak with a bearish candle. So here we've seen two successive lower peaks indicating that price is not able to make new highs, it's not uptrending, it's still within the downward channel but it's starting to slope downwards. So then the next piece of information here is that we've got a down day, it's a follow through on that other weak candle, we're still within the range but it's a bit of extra information. Then the real key here is when we actually do break that key support which is around 123.60 which is where these lows were earlier in the chart and you can see the bottom of the channel here. Now that was the big move. So you could have had a short entry order beneath those lows, you'd have caught it higher up, you potentially could have had an order to sell on a retracement back to 123.60 unfortunately on this occasion that probably wouldn't have worked, we never quite got back there or you could have had an entry on the close of that breakout candle, you would have been in the trade but you would have just been a bit lower on it. So all of these little factors can affect even whether you get in the trade or in fact how good of a price level you get. The price does track down, it almost hits the objective, this would have been pretty frustrating for anyone perfectly targeting this 119.20 level which is 100% of the length of the pattern on those two lines just projected beneath the breakout area. Now with a benefit of hindsight I would say that actually you probably want a profit objective a bit above the 100% just to allow for a margin of error and you could have saved yourself a bit of sideways movement until the objective was pretty much hit bang on a few days later. So there the objective has been hit but as I sort of mentioned and I've written in the chart here we do have a few nerve-racking bounces here and then this could have been quite a rocky ride down to the objective but nonetheless it got there so it just shows that it's key not to get shaken out of the trade a bit too early but once you do get a point where there's a price down trend line break as I've labelled here corresponding to an RSI trend line break if you use RSI that's a sign that Ashley Price is starting to move in the other direction now and so there's potentially a trade going the other way so that's the end of these sort of short story here. So that's the end of our currency snapshot we were looking at dollar CAD and just an example of even though this was a successful trade according to the chart pattern definitely a few variables along the way that can affect the overall profitability and if indeed you do come away with a profit even on a successful chart pattern so it's not just a pattern that counts again it's how you manage that trade.