Cross-Eyeing: EUR/CAD- Trade Closed

Trade Closed: 2007-09-17 10:30

EUR/CAD has managed to make its way to the bottom of the range on the back of a strong Loonie. The pair hit a low near 1.42 and hitting our max profit target at 1.4250 along the way.

1st Half: +90 pips
2nd Half: +290 pips
Total: +380 pips

I hope everyone did well on this trade, and look for another opportunity to go long in this pair as it once again trades at the bottom of the range.

Stop Adjustment: 2007-09-14 09:10

With EUR/CAD now trading around the 1.43 handle, I think it is time to adjust our stop once again as we continue to target the bottom of the range near 1.4250.

Adjust stop from 1.4425 to 1.4375 to lock in a total of +165 pips on our remaining positiong.

We will continue to hold this position, so stay tuned for more updates!

Stop Adjustment: 2007-09-13 10:30

The trend won’t stop on EUR/CAD as we have seen it touch as low as 1.4350 before trading at its current level around 1.4370. We will adjust our stop once again to lock in more pips.

Adjust stop from 1.4480 to 1.4425 to lock in a total +115 pips on our remaining position

Stay tuned for updates

Stop Adjustment: 2007-09-12 10:35

EUR/CAD has once again made it’s way back down and currently trading under the 1.44 mark. If the pair can stay below 1.44 we may see a move to 1.43 where it may find support.

For now, we will lock in more pips by adjusting stop from 1.4515 to 1.4480 to lock in a total of +60 pips on our remain position. Stay tuned for further adjustments as we continue to target 1.4250!

Good luck!
Trade Update: 2007-09-11 07:45

EUR/CAD fell throughout the Asia trading session and through the European trading session, all the way down to 1.44 hitting our first profit target along the way….

Half of our trade was closed to lock in 90 pips at 1.4450, and now we will adjust our stop on the remaining position.

Instead of moving stop to breakeven, we will move to 1.4525. This will lock in an additional +15 pips and create a risk free trade.

Stay tuned for more updates!

Trade Idea: 2007-09-10 11:25

crosseyed chart

In our last trade idea, we tried catching the bottom of the EUR/CAD range, but unfortunately missed out as it rallied. Today, we are going to short EUR/CAD all the way down as it is now trading at the top of its range.

As we can see from the chart, EUR/CAD has found resistance and could be bouncing off of the Bollinger Bands. Also, stochastics are showing the the pair may be overbought and ready to turn lower.

We will enter in the position at market at 1.4540, with our stop just outside of the bollinger bands and our profit targets at the center and bottom of the range.

Short at market (1.4540), stop at 1.4610, pt1 at 1.4450, pt2 at 1.4250

Stay tuned for trade adjustmenst and remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Good luck!

7 comments

  1. PipsiCola

    Whoa… a 290 pip target 2 (plus 90 from target one)? Sounds like this could be fun. I think I might actually go in on this one.

    Reply
  2. PipsiCola

    Whoa… a 290 pip target 2 (plus 90 from target one)? Sounds like this could be fun. I think I might actually go in on this one.

    Reply
  3. qtarch

    awesome! But I still don’t understand why you made a decision to trade at the very beginning. Why did you think the pair was on the top of its range at that time?

    Reply
  4. cyclopipcyclopip

    Hey Qtarch…

    Check out my original trade idea at the bottom of the post. It has the reason why I entered the trade with a chart!

    Reply
  5. qtarch

    awesome! But I still don’t understand why you made a decision to trade at the very beginning. Why did you think the pair was on the top of its range at that time?

    Reply
  6. cyclopipcyclopip

    Hey Qtarch…

    Check out my original trade idea at the bottom of the post. It has the reason why I entered the trade with a chart!

    Reply

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