Trade was stopped out on at -45 loss on half our normal position.
Tonight we will be “Cross-Eyeing” CAD/JPY as we recently saw a weak Retail sales number out of Japan a few hours earlier. Japan’s economic data has been weak as of late, and today’s number won’t help much. We’ve also seen oil prices rise recently as weather has been becoming just a little more brisk as of late. With the Canadian Dollar’s strong correlation to oil prices, we may see some buying in the Loonie if oil rises.
So, for tonight’s trade, we will look to see if CADJPY closes above the previous high at 103.15 ( on the 4 hour chart) before we go long. If our criteria is met here’s our trade idea.
Long half a your normal position size of CAD/JPY at 103.35, stop at 102.90, pt1 at 104.00
Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.
Stay tuned and we’ll see if the current 4 hour bar closes above 103.15.
Good luck and agood trading!