Trade Closed: 2007-08-22 09:50
After the strong rally in last nights Asia trading session, it looks like the momentum has changed to the downside, so we will manually close our trade to lock in remaining profits.
Close trade at market (1.4285)
1st Half: +50 pips
2nd Half: +35 pips
Total: +85 pips
Trade Adjustment: 2007-08-21 22:20
After our last update, EUR/CAD retraced just enough to enter us long at 1.4250. Soon after, the pair rallied up and easily hit our first profit target at 1.4300.
We locked in +50 pips at pt1 by closing half of our position and adjusting our stop to breakeven to create a risk free trade.
The pair is current trading above our original entry point and it looks like the second half may get closed out pretty soon. We will continue to hold and see what happens. Good luck!
Trade Update: 2007-08-20 22:10
It looks like we have a small rally going on after the pair touched 1.42. Stochastics are turning higher, so it looks like a go on this trade.
We will enter long, as per trade idea, which means the pair will have to come down a little from it’s current market buy around 1.4260. Good luck!
Trade Idea: 2007-08-20 18:11
Today we have a nice range play setup on EUR/CAD.
As we can see on the chart, the 240 MA’s are showing us the pair has been trading sideways for quite some time now. It looks like the pair is currently trading at the bottom of the range as it trades just outside the red bollinger bands (red bands set to 2 standard deviations). Stochastics are in the oversold territory, so the selloff steam may be running out for this pair.
Just for good measure, I will wait for the stochastics to begin turning higher before I enter long on this pair, just for confirmation. I am look at an entry target of about 1.4250.
So, here’s the trade idea, but we will wait for price action and stochastics to confirm before we enter:
Long EUR/CAD at 1.4250, stop at 1.4150, pt1 at 1.4300, pt2 at 1.4400
Please remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.
Stay tuned for entry confirmation or trade adjustments in case the pair breaks out to the downside… Good Luck!