Cross-Eyeing: EUR/CAD – Trade Closed

Trade Closed: 2007-02-0 08:35

The second half of our trade closed yesterday at the adjusted price of 1.5330 and we locked in another +45 pips in the process. It’s a shame that we did get stopped out because the pair eventually hit the adjusted profit target at 1.5275 before rising back up. Good job to everyone who caught some pips!

Trade Update: 2007-02-05 08:00

Here’s just a quick update on our EUR/CAD trade. We still have the second half of our position open, and it is currently at 1.5313. Please adjust the stop loss on this position to 1.5330 to lock in an additional +45 pips on this trade, and adjust our profit target to 1.5275. Good luck and good trading!

Trade Update: 2007-02-02 10:30

Volatility hit the Forex markets with NFP, Consumer Confidence, and Factory Orders reports this morning in the US. It was enough to trigger both of our short orders creating a short in EUR/CAD. I’m going to adjust our exit orders to lock in our profits +80 on the second half and create a risk free trade on the first half before the weekend.

For our first order opened at 1.5375, move stop to break even at 1.5375, and target 1.5300.
For our order opened at 1.5431 please close to lock in the +80 pips.

Good luck and good trading!

Trade Update: 2007-02-02 08:00

EUR/CAD rose early in the Euro trading session and our first short trade triggered, and we are short EUR/CAD half of our normal position size. Right now, EUR/CAD looks like it is finding resistance at 1.5400, so we’ll just have to wait and see what will happen. Stay tuned!

Trade Idea: 2007-02-01 23:00

crosseyed chart

EUR/CAD has been steadily rising, but finding resistance near the 1.5400 level. Oil has been rising and the Canadian economy has been growing which is a good sign we may see the “Loonie” gain a little bit of ground against the Euro.

On the chart, we can see higher lows, but again the pair has found resistance near 1.5400. The stochastics and RSI indicator is nearing over bought territory, so if we don’t see a break past 1.5450, then the pair may break to the downside.

Our trade strategy will be to scale into a short position near 1.5400. Here’s our trade ideas:

Sell half a normal position at 1.5375, stop at 1.5475, pt at 1.5200

Sell second half at 1.5431, stop at 1.5475, pt at 1.5300

So, we’ll wait for the opportunity to come to us. Stay tuned! Good luck and good trading!