Cross-Eyeing EUR/CAD – Trade Closed

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

crosseyed chart

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.

  • jamesbond007700

    Good trade. The second target missed by just a few pips but lets not get greedy. Thanks. btw do u think with the oil at record highs and usd gaining somewhat of a strength vs eur we cud see this pair lower over the longer term?

  • Carpediem

    Can anyone recommend a good broker?

  • Carpediem

    Can anyone recommend a good broker?

  • jamesbond007700

    Good trade. The second target missed by just a few pips but lets not get greedy. Thanks. btw do u think with the oil at record highs and usd gaining somewhat of a strength vs eur we cud see this pair lower over the longer term?

  • Carpediem

    Can anyone recommend a good broker?

  • cyclopip

    Check out our brokers guide under the “Tools” Tab for help on picking the right broker for you! I hope that helps!

  • cyclopip

    Check out our brokers guide under the “Tools” Tab for help on picking the right broker for you! I hope that helps!