Cross-Eyeing: CAD/JPY – Trade Closed

Trade Closed: 2007-02-16 00:00

Sorry for the late update. For those of you who took the trade knows that CAD/JPY dropped down to 102.50 and did a little reversal bounce. It was enough to trigger our first profit target, but not enough for the second. After pt1 was hit, the pair dropped and the second half was stopped out at break even.

1st half: +20
2nd half: +00
Total: +20

Trade Update: 2007-02-15 19:25

Our long our trade at 102.50 was triggered and the pair made its way up to 102.70. pt1 was hit and the first half should have been locked in for 20 pips. Please move the stop to breakeven on the second half of the position. Good luck and good trading!

Trade Idea: 2007-02-15 11:34

crosseyed chart

The Yen has made a nice run against the rest of the majors on strong GDP growth, but I think it may be close to stalling, especially against the Loonie. On our chart, we see the strong move from 104.00 down to about 102.50. This just happens to be near the 61% Fib line and 200 SMA, both are good support/resistance levels.

So we will look to go long from here in hopes the pair will find resistance and retrace.

Long CAD/JPY at 102.50, stop at 102.20, pt1 at 102.70, pt2 at 103.00

Remember to never risk more than 1% of your account on any single trade, so please adjust your position sizes accordingly.

Good luck and good trading!