Cross-Eyeing: EUR/JPY – Trade Closed

Trade Closed: 2007-01-18 14:50:00

crosseyed chart

Half of our position triggered long this morning at 156.70. Pt1 was hit for +20 pips. Because we only got in with half position i decided to treat it as a full position and closed our open trade at pt1. For those who are still in the position, you are currently up +40 pips. I would move the stop to 156.90 to lock in profits and let this trade run. Good luck!

1st Half: +20 pips
2nd Half: +00 pips
Total: +20 pips

Trade Idea: 2007-01-18 08:30:00

crosseyed chart

We saw the Bank of Japan decide to keep rates at 0.25% last night, and currencies around world rallied against the Yen. Unlike our “Pick of the Day” where we thought we’d see a retracement after an initial rally and it didn’t happen, it did in EURJPY. I see it as a great opportunity to jump in this long running uptrend at a great price.

We will scale into our trade first jumping in half a position size at the 38% Fib retracement area, and then if the pair continues to drop further, we will go long another half a position size at 156.40.

Long EUR/JPY 1/2 position at 156.70, stop at 156.20, pt1 at 156.90, pt2 at 157.50

and

Long EUR/JPY 1/2 position at 156.40, stop at 156.20, pt1 at 156.70, pt2 at 157.50

Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.

Good luck and good trading!

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