Trade Closed: 2008-04-15 08:47

We caught a few pips on half a position last night as EUR/CAD rallied during the morning European trading session, even after ZEW Economic data came in weaker than expected

Our first profit target was hit and half of our position was closed at 1.6180. The pair rallied higher, but could quite reach our second profit target at 1.6250. If found resistance around 1.6235 where sellers pushed the pair back lower all the way to our breakeven point and our remaining position was closed out.

1st Half: +55 pips
2nd Half: +00 pips
Total: +0.50% gain

Trade Idea: 2008-04-14 17:09

What's up my fellow pipsters! Got a nice little chart setup on EUR/CAD to start out the week...lets take a look!

On the chart, we can see a nice short term trend on EUR/CAD and it appears as the pair is trading around the trendline, stochastics are indicating that the pair is oversold. I'd like to go with the trend and play this bad boy long for a short term trade, targeting the recent high around 1.6250.

Long EUR/CAD at market (1.6125), stop at 1.6070, pt1 at 1.6180, pt2 at 1.6250

Remember to never risk more than 1% of the account on any single trade. Adjust position sizes accordingly.

We do have a bit of event risk during the European trading session with the ZEW Economic Statement due later at 9:00 am GMT. No major Canadian data expected tomorrow.

If we see the pair break lower, I may close and reverse my position. Stay tuned for updates and adjustments.